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Livemore ups max loan and widens adverse criteria allowance

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  • 05/06/2024
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Livemore ups max loan and widens adverse criteria allowance
Later life specialist Livemore has upped the maximum loan value across its core range from £1m to £1.25m and widened the amount and types of permissible adverse credit accepted.

The increase to maximum loan size applies to Livemore’s 1, 2 and 3 ranges and its debt consolidation product.

Brokers who need a loan greater than this amount can pursue a referral through the lender’s business development manager (BDM) team.

The changes in adverse credit apply to its Livemore 4 range, with up to four missed payments on unsecured arrears now permissible. This is a rise from three previously.

The value of permissible satisfied county court judgments (CCJs) and defaults has gone up from £1,500 to £2,500.

The lender will also allow a debt management plan (DMP) if it is “satisfactorily maintained” and more than three years prior to application.

Sam Ward, head of proposition strategy and development at Livemore, said: “While the economy and housing market [are] on the up, many older borrowers are still feeling financially challenged. These changes are the first of many, as we continue to support borrowers aged 50-90-plus.”

The lender recently lowered its mortgage and equity release rates by up to 0.58% in some instances.

Livemore has been growing its team, appointing Eduard Akopian as head of finance, promoting Carly Chandler to compliance head and bringing on Sarah Wade as marketing head for intermediaries.

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