Curious about whether LiveMore provides equity release options or similar financial products for the over-50s?

LiveMore, renowned for its specialised mortgage offerings, has captured the interest of many, and to ensure you're equipped with the freshest insights, our dedicated research team tirelessly surveys the market.

We're committed to delivering up-to-the-minute updates, comprehensive details on available schemes, and insights into providers, all to keep you well informed about your options.

Can LiveMore offer you an equity release scheme?

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of LiveMore. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by LiveMore.

What is Equity Release?

Equity release is a financial product that allows homeowners, typically aged 55 and over, to access the equity tied up in their property without having to sell their home.

One common type of equity release is an equity release mortgage, which is essentially a loan with interest that doesn't need to be repaid until the homeowner either passes away or moves into permanent care.

This option provides a way to unlock funds for various needs, such as supplementing retirement income, making home improvements, or helping family members, while still retaining ownership and the right to live in the home.

Who is LiveMore?

LiveMore is a financial services provider that specializes in offering mortgages to the over-60s demographic.

They focus on creating mortgage solutions tailored to meet the unique needs of older borrowers, often providing more flexible lending criteria compared to traditional mortgages.

LiveMore aims to help those in later life access loan options that might otherwise be unavailable, emphasising affordability and sustainable borrowing into retirement.

Their approach often includes considering a wider range of income sources for loan qualification, thereby assisting older individuals in managing or reorganising their finances, improving their quality of life, or planning for retirement.

Why Consider LiveMore?

Considering LiveMore for your mortgage needs, especially if you're over 50, can be advantageous for several reasons.

Firstly, their specialised focus on older borrowers means they offer more flexible lending criteria, acknowledging that traditional mortgages may not always cater to the unique financial situations of those later in life.

LiveMore evaluates a broader spectrum of income sources, including pensions and investments, which can be beneficial for retirees or those nearing retirement.

Additionally, they aim to provide solutions that support sustainable borrowing, offering products designed to help manage finances more effectively, whether it's for debt consolidation, home improvements, or to enhance a retirement lifestyle.

Their approach is tailored to address the financial challenges and opportunities specific to this age group, making them a compelling option for older borrowers seeking mortgage products aligned with their life stage and financial goals.

Does LiveMore Offer an Equity Release Calculator?

LiveMore does not offer an equity release calculator, but it does have a regular mortgage calculator available on its website.

If you are curious to see how much money you could release through equity release, why not try our easy-to-use calculator below for an approximation?

What Are The Pros and Cons of LiveMore?

The pros of LiveMore include tailored mortgage solutions for those over 50 with flexible lending criteria, while cons may involve a limited product range compared to larger financial institutions.

More information:

LiveMore Pros

The pros of LiveMore are:

• It offers an equity release alternative in the form of a Retirement Interest Only Mortgage (RIO)
• Its plans allow you to borrow up to 75% of your property value.
• Its plans are available from 50 with no maximum age limit.
• It has no fixed mortgage term.
• It now also offers lifetime mortgages, including for those aged 90+.

LiveMore Cons

The cons of LiveMore are:

• The amount you can borrow will be dependent on your retirement income.
• You will need a consistent and sufficient income to make the monthly interest payments.
• You are liable for the monthly interest payments for the term of the mortgage.
• Defaulting on payments could lead to you losing your home.
• The minimum property value must be £100,000.

LiveMore's Equity Release and Lifetime Mortgage Alternatives and Schemes

LiveMore's equity release alternative schemes are retirement interest-only mortgages (RIOs).

LiveMore’s refreshingly different approach and positive view of older borrowers often means that it is willing to offer you a plan when other lenders are likely to shy away.

How is this possible?

Unlike most high street lenders, LiveMore Capital looks beyond age, taking all income sources of borrowers into account.¹

Thus enabling those over 50 to unlock new interest-only mortgage opportunities.

These RIOs offer sensible affordability criteria, for sensible borrowers, with sensible needs.

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

As of July 2023, LiveMore launched its lifetime mortgage offering.²

Customers aged 55 can borrow up to 10% of the value of their home, with the LTV increasing to 43% for those aged 90 and above.

It is portable, comes with a no negative equity guarantee, and there is the option of voluntary annual payments of 10%.

It is early days yet, but LiveMore may be on its way to becoming one of the more reputable equity release companies in the UK.

How Did We Review the Information On LiveMore?

We reviewed LiveMore based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

This review is an independent third-party information review. We are not affiliated with LiveMore.

LiveMore Customer Reviews

To find out what LiveMore's customers really think, why not look at its online reviews:

• LiveMore Customer reviews on UK Trustpilot

LiveMore Complaints

If you are dissatisfied with LiveMore and wish to make a complaint, you can do so via its website, by phone or in person.

Alternatively, if you wish to make a more public complaint, you can use a review site like Trustpilot³ or Feefo.⁴

This is likely to attract a speedy response.

LiveMore's Interest Rates

LiveMore's interest rates are fixed and start from 5.97% to 6.28%*.⁵

If you are interested to know what annual interest can be on equity release plans, they are available from 5.97% to 6.28%* AER.

The most recent equity release rates can be seen here.

*While we regularly review our rates, these may have changed since our last update.

What Are LiveMore's Fees?

LiveMore fees for their equity release alternatives include product, valuation, and property re-inspection fees.

Its product fees are currently £1,395 for a remortgage and £995 for a purchase mortgage.

Other fees that could apply if you change your mortgage include:

• Early Repayment Charge.
• Partial release of property fee.
• Porting fee.
• Change of parties administration fee.
• Mortgage exit fee.

For their lifetime mortgage offering, there are no valuation or product fees, and rates start at 5.97% to 6.28%.

Learn More About LiveMore

LiveMore is on a quest to make later-life lending as simple as possible.

In reality, it was started with the belief that the traditional high-street mortgage alternatives for people over 55 were limited and inadequate.

It reasoned that there had to be another way and as a result, has set itself apart as a unique lender.

It offers a variety of mortgages known as retirement interest-only mortgages.

And because that is all it offers, it has taken the time to consider what it's customers may require and the level of care they can expect throughout their relationship.

FCA Details

Trading Names

Current

• LiveMore Capital
• LiveMore Capital Limited
• LiveMore

Previous

• LiveMore Capital
• LiveMore Equity Ltd

FCA Permitted Services

Mortgages and Home Finance

Regulators

• Financial Conduct Authority (FCA)⁶

Registration Numbers

• FCA Ref Number: 820578
• Companies House Number: 11630369

FCA and Companies House Links

• FCA Link: FCA Link
• Companies House Link: Companies House Link

LiveMore Contact Number and Address

• +44 020 4525 7754
• sales@livemorecapital.com
• Unit 22, 2-4, Exmoor St, London W10 6BD, United Kingdom.

Common Questions

Conclusion

LiveMore emerges as a compelling alternative in the equity release landscape, particularly for the over-50s seeking mortgage solutions tailored to their unique financial circumstances.

With its focus on flexibility and inclusivity, LiveMore addresses a gap in the market by providing loans that consider a wider range of income sources, making it easier for older borrowers to manage or restructure their finances in retirement.

However, as with any financial decision, potential borrowers should weigh the specific advantages LiveMore offers against any limitations, such as the scope of products available.

Ultimately, LiveMore represents a valuable option for those who may not find suitable solutions with traditional lenders, reinforcing the importance of choice and specialized support in financial planning for later life.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.