Social bonds are used to finance projects which address social issues. The later life lender’s social bond framework has been based on the International Capital Market Association (ICMA) rules, which promotes the sustainable development of the international capital and securities markets.
LiveMore’s framework has been endorsed by ISS Corporate Solutions, an organisation which helps firms create their ESG programs and offers a second party opinion to assess a firm’s ESG strategy.
It has deemed LiveMore’s mortgage portfolio to be a socially sustainable investment because it provides mortgages to older borrowers who may otherwise be shut out of the market. It has also gained this endorsement because it considers a variety of incomes such as pensions, which offers flexible options for older borrowers.
The lender will continue to explore opportunities to launch more environmentally and socially sustainable products under the ICMA Green Bond and ICMA Sustainability Bond principles.
As part of its goal to become a net zero company, LiveMore has also partnered with reforestation project Trillion Trees to offset its carbon emissions. So far, the lender has contributed the equivalent to 1,395 tons of CO2 removal.
Alexandra Hansmeyer, head of legal at LiveMore, said: “Most mortgages don’t have a social angle but our products do. They are for borrowers that other lenders don’t want to lend to because they’re deemed too old, which is wrong on so many levels.
“We believe our social bond framework and future plans to expand on this with the likes of green mortgages are positive attributes for a modern, ethical mortgage lender. Our partnership with Trillion Trees is hugely important to us along with our commitment to sustainability and our carbon net zero target.”
