The company, which launched in 2020, currently offers retirement interest-only (RIO) mortgages, interest-only fixed term mortgage products and capital and interest fixed term mortgages.
Earlier this year, the lender said that it was planning to launch into equity release in the coming months.
Rates start at 7.5 per cent and customers can borrow up to 10 per cent of the value of their home at age 55 and up to 43 per cent for those aged 90 or over.
There are no product or valuation fees along with a no negative equity guarantee and portability if required.
Loan sizes range from £10,000 up to £1m and the property must have a minimum valuation of £100,000 and voluntary repayments of up to 10 per cent a year are available.
Early repayment charges (ERC) end after 10 years and there are no ERCs if the customer passes away or moves into long-term care.
For joint borrowers, if one moves into long-term care or passes away the other has a three-year window to redeem the mortgage or sell the property ERC-free.
The lender said that lifetime mortgage could be a “suitable solution” in “certain circumstances”, and by adding equity release as a string to its bow it had one of the “broadest product offering in the later life lending space”.
LiveMore said that it expected the lifetime mortgage would only be used by those for whom its other products are “not suitable”.
Equity release ‘great in some cases but not all’
Leon Diamond (pictured), CEO and founder of LiveMore, said: “We’ve been working extremely hard on our lifetime mortgage product, which complements our existing proposition and will only be advised upon if our other options are not suitable for someone.
“Consumer Duty is all about finding the right result based on each client’s circumstances. By offering repayment, interest-only and lifetime mortgages, we can truly say that LiveMore is able to find the most suitable product every time.”
He added: “Equity release is great in some cases, but not all. That’s why we’re proud that offering the broadest product range in the later life market means, for example, that we can help those over 55 who would benefit from equity release, but also recommend a retirement interest-only mortgage if they would be better off making interest payments.”
