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Livemore launches 100% debt consolidation remortgage

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  • 14/05/2024
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Livemore launches 100% debt consolidation remortgage
Livemore has launched a remortgage for debt consolidation deal that allows borrowers to use 100% of any capital raise to pay off debts.

Livemore, which serves borrowers aged from 50 to 90 years old, said it has identified a customer need during the cost-of-living crisis to reduce debt payments and avoid restrictions on levels of debt consolidation that are typically attached to a remortgage.

The product is applicable for borrowers who want to consolidate more than £10,000 of debt that makes up more than 50% of the total remortgage. If the debt amounts are less, borrowers can use one of Livemore’s standard products.

The new range is applicable for a maximum loan to value (LTV) of 75% for retirement interest-only (RIO) mortgages, 70% LTV for standard interest-only mortgages and 85% LTV for standard capital and interest mortgages.

The feature is available across Livemore’s wider range of fixed two-year, five-year, 10-year and fixed-for-life (RIO only) rates.

The lender will consider borrowers with an element of adverse credit on the range. It also accepts earned income up to the age of 80 years old, including self-employed with one-year accounts, as well as rental, lodger, and a range of pension incomes.

The range comes with £500 cashback paid to the customer upon completion and a free valuation.

Tim Wellard (pictured), senior proposition manager at Livemore, said: “We believe that everyone should be able to live in their own house, no matter their age. The cost-of-living crisis shows no signs of abating, so we’re doing all we can to support customers, and provide more options to intermediaries.”

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