Live More RIO Mortgage

Are You Considering the RIO Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Live More RIO Mortgage Scheme Review

RIO Mortgage Key Details

Type Rate APR
Live More Fixed 4.45% 4.46%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Maximum LTV – 60%
  • Lifetime Fixed Interest Only Mortgage
  • 10%pa Overpayment Allowance
  • Free Remortgage Legal Package

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Live More RIO Mortgage, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Live More RIO Mortgage be the right equity release plan for you?
We’re here to help you:
Live More is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Live More?

Let’s find out!

Who Are Live More?

LiveMore is a dedicated group of specialists on a mission to break down the barriers that make it so hard for those in mid-life and beyond to combine home ownership with financial freedom. LiveMore understands credit, assets, risk and the realities of the current economic environment. This enables them to look beyond age, and they don’t have outdated assumptions about retirement age – tthey’re far more pragmatic, flexible and accommodating than most high street lenders.
Learn more about the various Live More equity release schemes.
Live More RIO Mortgage

Scheme Background

LiveMore Capital

Live life to the fullest with LiveMore Capital and enjoy interest only mortgages for over 55’s. LiveMore’s refreshingly different approach & positive view of older borrowers helps in situations where other lenders can’t or won’t.

Because, unlike most high street lenders LiveMore Capital looks beyond age taking all income sources of borrowers into account. Thus enabling over 55’s to unlock new interest only mortgage opportunities.

LiveMore Capital also specialises in a range of RIO mortgages for over 55’s. These offer sensible affordability criteria, for sensible borrowers, with sensible needs.

LiveMore believes the older generation deserves better – and they’re providing it with no age restrictions and the widest range of fixed rates to choose from.

Eligibility & Requirements

LiveMore’s RIO mortgages are specifically created for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

The LiveMore RIO can be used as a remortgage vehicle or to help with the purchase of a home.

The minimum application age for these RIO plans is 55, and they are available on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.

LiveMore takes a practical, yet rational, approach to retirement loans.

They will determine affordability based on income levels, and in the case of joint earnings, they will ensure that if one person dies, the survivor can still manage on their solitary income.

Minimum Property Valuation

The minimum property valuation for a RIO mortgage with LiveMore is £100,000 (ex-local authority apartments £200,000).

Property Location Requirements

The primary residence of the homeowner and is located in England or Wales. There is no upper limit on the value of a property.

Single vs Joint

The minimum application age for LiveMore RIO plans is 55, and they are offered on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.

Minimum Release

The minimum loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Feel free to call the team to check qualification and obtain your custom quotation for RIO mortgage applications over £1.25m.

Scheme Features

A retirement interest only mortgage (RIO) gives an initial cash lump amount that can be used for either capital raising or house acquisition. In exchange, the borrower makes monthly interest-only payments to LiveMore, ensuring that the mortgage balance remains constant during its tenure.

The RIO mortgage has no maximum term and will last as long as the last surviving homeowner lives. There is no need for a repayment strategy, such as an endowment policy, an investment product, or the need to make any capital repayments.

LiveMore offers a variety of solutions that differ in terms of loan-to-value (LTV) and length of fixed interest rate given. LTVs might range from 60 percent to a maximum of 75 percent. The interest rate available will be determined by a mix of this and the length of the fixed rate term.

A broad suite of fixed interest rates is offered, ranging from shorter 5 and 7 year fixed rates to longer 10, 20, and even lifetime fixed interest rates.

Valuation Features

Live More RIO Mortgage provides free valuation.

Early Repayment Feature

If you find yourself in financial hardship owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.

If you need to redeem the loan sooner than intended owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.

Equity Release Council Status

Because LiveMore is not a member of the Equity Release Council, their plans do not follow the same code of conduct as other equity release schemes, such as the no negative equity guarantee.

Joint Application Features

Unlike equity release programs, there are no safeguards in place with this RIO mortgage product if the borrower is unable to make payments. Because this is a residential mortgage, there are no safeguards in place if something unforeseen happens, prohibiting the homeowner from making payments. So, in order to use this product, homeowners must be confident that their income will remain stable. In order to use this program, homeowners must be satisfied that their income will be substantial and consistent enough to meet their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This means that if the homeowner does not keep up with payments, their home may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, usually through the sale of the home. On joint applications, the mortgage will continue to be held in the survivor’s name.

Scheme Options

This LiveMore RIO Mortgage allows any homeowner to spend their tax-free cash as they see fit, but unlike roll-up equity release plans, RIOs allow you to control the future balance by making monthly interest-only payments.

LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.

On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without penalty.

LiveMore may provide additional borrowing options, but availability and approval are not guaranteed. The available amount is closely tied to the homeowner’s ability to finance the loan amount and will thus go through the same affordability verification process.

If you find yourself in financial hardship owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.

If you need to redeem the loan sooner than intended owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.

Within its product line, all LiveMore RIO mortgages offer fixed term interest rates. However, these are subject to change; thus, for the most up-to-date interest rates, call the team at Freephone 0800 802 1051.

Repayment Options

This LiveMore RIO Mortgage allows any homeowner to spend their tax-free cash as they see fit, but unlike roll-up equity release plans, RIOs allow you to control the future balance by making monthly interest-only payments.

Inheritance Protection

Live More Life Plan updates are still in the works. We will give an update soon.

Application Fees

LiveMore will receive applications based on retiree house purchases, remortgage business, and unencumbered properties.

Voluntary overpayments of up to 10% per year are possible on this RIO mortgage without penalty.

Cashback Options

Live More Life Plan updates are still in the works. We will give an update soon.

Footnotes

*the above interest rate is a lifetime fixed rate
**the age criteria for this program is between 55 and 60 years
***free legals are only available for remortgages

Live More's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Live More.

Before You Go

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

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Editorial Note: This content has been independently collected by the SovereignBoss team and is offered on a non-advised basis. SovereignBoss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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Equity Release Calculator

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As Featured In
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