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Livemore removes maximum age cap

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  • 18/06/2024
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Livemore removes maximum age cap
Later life mortgage lender Livemore has removed its maximum age cap of 85 years old and increased the length of the lending term across its standard mortgage range.

Before the cap was removed, Livemore’s maximum age for capital repayment mortgages was set at 85 years old and 80 years old for interest-only mortgages.

The lending term for both types of mortgages has been increased to 40 years.

Livemore’s minimum age for sole applicants is 50 years for standard and retirement mortgages.

For joint applications, where one borrower is aged 50 or older, the second borrower can now be a minimum of 45 years old.

The changes were made to give borrowers in the 50-90-plus age group more choice in the mortgage market.

Earlier this month, Livemore increased its maximum loan size.

Samantha Ward (pictured), Livemore’s head of proposition strategy and development, said: “We understand that borrowing later in life is often necessary for many different reasons and that income can come from a variety of sources. We therefore feel it is much fairer to assess borrowers by their ability to make their repayments rather than on their age. By removing the upper age caps and extending our mortgage terms, we believe we can assist a wider range of customers who are just as creditworthy as any other segment of the market.”

Earlier this month, Livemore increased the size of its maximum loan amount to £1.25m and made changes to its adverse credit lending policy.

The changes apply to its Livemore 4 range, with up to four missed payments on unsecured arrears now permissible, rising from three.

The value of permissible satisfied county court judgments (CCJs) and defaults has gone up from £1,500 to £2,500. Debt management plans that have been maintained and made more than three years before the application are also allowed.

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