LiveMore Equity Release And Lifetime Mortgage Review in 2024

Is Livemore’s Retirement Interest Only Mortgage a Good Idea if You are Looking for an Alternative to Equity Release? Discover the Pros and Cons of a Retirement Interest Only Mortgage and Compare it to Traditional Equity Release. Read More…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • LiveMore, launched in 2020, is a specialist mortgage lender offering Retirement Interest Only (RIO) mortgages for homeowners over 55, marking it's presence in the later-life lending market.
  • The company was founded on the principle that traditional high-street mortgage products were insufficient for people over 55, leading to the development of new affordability measures based on retirees' income and spending habits.
  • LiveMore is gaining a reputation as a specialist RIO mortgage lender, known for it's simplified application process and recent introduction of a lifetime mortgage offering.
  • LiveMore has a strong background in later-age loans and financial technology innovation, providing flexible options without age restrictions and a wide range of fixed rates.
  • The company recently entered the equity release market with a lifetime mortgage product, expanding its services for those over 55 seeking equity release solutions​​​​​​​​​​​​.
  • Currently, equity release rates are between 5.20% to 6.30%*

If you have been considering equity release, you may have come across the specialist mortgage lender, LiveMore.

The question is, does it offer equity release?

The equity release market in the UK is growing, with more people over the age of 55 looking into it to fund their retirement.

In this, choosing the right equity release scheme with the right company is a crucial step. 

We are doing research into the best equity release providers to help you get the information you need to make the right decision for you and your family.

In This Article, You Will Discover:

    If you are looking for the most up-to-date information on the equity release sector in 2024, then you have come to the right place.  

    Our researchers have researched many companies and leading plans to bring you all need to know. 

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor 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.

    Essential Facts about Equity Release

    For homeowners aged 55 and up, equity release is a method to unlock the financial potential of their home equity. It's a way to transform a part of your property's equity into immediate cash.

    The repayment of this financial option is unique, as it's deferred until the home is sold, usually in line with the homeowner's end-of-life circumstances.

    Who Is LiveMore?

    LiveMore is a specialist mortgage lender that launched in 2020. 

    It developed a range of Retirement Interest Only (RIO) mortgages for homeowners over the age of 55, establishing it as a significant lender in the later-life lending market.

    LiveMore has recently entered the equity release market with it's lifetime mortgage offering, launched in July 2023. 1

    LiveMore started with the belief that the traditional products provided by high-street mortgage lenders were limited and inadequate for people over the age of 55.

    It carefully researched retiree's income and spending habits to develop new affordability measures.

    LiveMore strives to tailor it's products and offer more flexibility than traditional high-street lenders.

    It's mission is to help people over the age of 55 overcome the challenges of financing their retirement by providing flexible and accessible RIO mortgages. 

    Why You Can Consider LiveMore

    You can consider LiveMore as it has simplified it's application process and is gaining a reputation as a specialist RIO mortgage lender, as well as it's new lifetime mortgage offering.

    LiveMore is a specialist dedicated to breaking down the barriers that make it hard for those in mid-life and beyond, to combine home ownership with financial freedom.

    It understands credit, assets, risk, and the realities of the current economic environment.

    It does not have outdated assumptions about retirement age. It is far more pragmatic, flexible, and accommodating than most high-street lenders.

    In addition:

    Because RIO was previously all it did, it has taken the time to consider what it's customers require.

    It has a lot of experience in later-age loans and financial technology innovation as a group. 

    LiveMore believes over 55’s deserve better and it is providing them with no age restrictions and the widest range of fixed rates to choose from.

    What Services Does LiveMore Offer?

    LiveMore offers a variety of mortgages known as Retirement Interest Only (ROI) mortgages as a specialty lender.

    LiveMore also now offers a lifetime mortgage product, with no product or valuation fees.

    Does LiveMore Offer Equity Release or Lifetime Mortgages?

    Yes, LiveMore has recently entered the equity release market with a lifetime mortgage product.

    Customers can borrow up to 10% of their home's equity at the age of 55, with that LTV increasing to 43% for those aged 90 and over.

    The loan sizes start at £10,000 up to £1mln, and the property needs to be at minimum worth £ 100,000.

    What Are the Interest Rates on LiveMore’s Equity Release and Alternatives

    All LiveMore RIO mortgages offer fixed-term interest rates. This means you pay a fixed interest rate for life. 

    It's fixed interest rate starts from 5.20% to 6.30%* (AER).

    The interest rates for the lifetime mortgage start at 5.20% to 6.30%.*

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

    What Are LiveMore Fees?

    The LiveMore product fee is £0 for a standard RIO product and £1,395 for a complex RIO product.  

    Customers pay for all valuation fees on standard products dependent on the size of the valuation, starting at £200. 

    Valuations are free for the first valuation on all complex products.

    And if that is not enough:

    LiveMore pays the solicitor's fees for remortgages provided you use it's selected solicitor and exclude any non-standard legal work. 

    Procuration fees are £55 gross payable at completion, plus an extra £13 gross per year for up to fifteen years following completion (Ongoing Procuration Fee). 

    There are no product or valuation fees currently on their lifetime mortgage.

    *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.

    Does LiveMore Have An Equity Release Calculator?

    Yes, LiveMore has an RIO calculator, but you could try our equity release calculator right here.

    We offer an easy-to-use calculator to provide you with an approximation of how much equity you could release from your home.

    What Are The Advantages and Disadvantages of LiveMore?

    The advantage of LiveMore is it is authorised and regulated in the UK by the Financial Conduct Authority offering RIO mortgages for older homeowners, while the disadvantage is ‌that you will have to make monthly interest payments. 2

    More information:

    LiveMore Pros

    The pros of LiveMore mortgages are:

    • You can borrow up to 75% of the value of your property.
    • The minimum age (at application) is 55 years with no maximum age.
    • It has the widest range of fixed rates.
    • It has the widest range of fixed time from five years up to lifetime.
    • The lifetime mortgage is portable and has a no negative equity guarantee.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA).

    LiveMore Cons

    The cons of LiveMore mortgages are:

    • RIO is a residential mortgage and has no protections in place if the borrower can not make payments.
    • Homeowners must be confident that their income will stay sufficient and constant enough to meet their payment obligations.
    • The homeowner must make all monthly interest payments until the RIO mortgage finishes.
    • The homeowner could put their home at risk if they do not keep up with payments.
    • The interest will roll-up and increase the debt owed.

    How Did We Review the Information on LiveMore and Equity Release?

    We analysed the business and reviewed all the ‌available facts to bring you this comprehensive guide.

    NOTE: This article is an unaffiliated, independent, third-party, review of LiveMore.

    LiveMore Customer Reviews

    It is always a good idea to check online reviews of actual customers:

    LiveMore Complaints

    If you are dissatisfied with LiveMore, and wish to make a complaint, go on their website directly or write to them at:

    Unit 22, 2-4, Exmoor Street, London, W10 6BD, UK.

    Alternatively, use a review site like Trustpilot or Feefo to leave a review.

    LiveMore FCA Details

    Trading Names

    • LiveMore Capital 
    • LiveMOre Capital Limited 
    • LiveMore

    FCA Permitted Services

    Mortgages and Home Finance

    Regulators

    • Financial Conduct Authority (FCA)

    Registration Numbers

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

    FCA and Companies House Links

    LiveMore Contact Number and Address

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

    Common Questions

    Is LiveMore a Member of the Equity Release Council?

    Who Owns LiveMore?

    Where Can I Find LiveMore Jobs?

    Is LiveMore Safe?

    In Conclusion

    LiveMore is a specialist mortgage lender that launched in 2020 offering a range of Retirement Interest Only (RIO) mortgages for homeowners over the age of 55. 

    They have also recently launched a new lifetime mortgage product.

    They are ideally suited for over 55’s with equity in their property.

    If you are looking for a company who offers both equity release and alternatives, LiveMore could be an excellent option.

    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.

    Related Articles
    Just Retirement Equity Release

    Are You Considering Just Equity Release? Discover the Pros, Cons, Fees, Interest Rates and Online Customer Reviews. Keep Reading To Learn Everything You Need To Know About Just…

    Santander Home Equity Release

    Thinking About Unlocking Capital With Santander Equity Release? Unsure What Your Options Are? Find Out How the Santander and Legal and General Partnership Works and Learn About the Features of Santander’s L&G Lifetime Mortgage. Let’s Unpack This…

    Which? Equity Release Guide

    Do You Want To Know More About the Financial Solutions Which? Can Offer You? Discover Their Alternatives, Pros, Cons, Fees, Interest Rates and More. Read on To Discover All You Need To Know…

    Stonehaven Home Equity Release

    Do You Want To Know More About Stonehaven? Learn About the Services They Offer and if They Are What You Need in a Your Retirement Journey. Read on To Find Out All There Is To Know…

    Papilio Home Equity Scheme

    Is Papilio Equity Release Still Operational in 2024? Discover if Papilio Still Exist and What Your Options Are With Papilio Equity Release. Read More Here…

    Scroll to Top