If you’re delving into the equity release market as a way to fund your retirement, you may have encountered LiveMore. This article aims to clarify the services and options LiveMore offers for those considering retirement financing.

One key question arises: Does LiveMore offer equity release solutions?

As the interest in equity release grows among those over 55 in the UK, finding a provider that aligns with your needs is essential.

Our goal is to guide you through the process by providing comprehensive insights into the best equity release providers.

For those seeking the latest and most reliable information on the equity release industry for 2024, you’ve found your resource.

Our team has extensively researched various companies and their offerings to equip you with everything you need to make an informed decision for your and your family’s future.

Therefore:

NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor 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.

LiveMore Mortgages: Who Are LiveMore Capital Limited and What Do They Offer?

LiveMore Capital Limited specialises in retirement mortgages for over-55s, offering financial flexibility without equity release.

Who Is LiveMore Capital Limited?

LiveMore Capital Limited, launched in 2020, is a notable name in the specialist mortgage lending space, particularly for the over 55s market.

The company carved its niche by introducing Retirement Interest Only (RIO) mortgages, tailored for homeowners aged 55 and above, marking its presence as a key player in the later-life lending sector.

In July 2023, LiveMore expanded its offerings to include equity release, specifically launching a lifetime mortgage product, broadening its appeal and services in the retirement financing market.¹

The inception of LiveMore was motivated by a clear recognition: traditional mortgage products available from high-street lenders often fall short of meeting the needs of those over 55.

To address this gap, LiveMore embarked on in-depth research into the income and expenditure patterns of retirees, leading to the development of innovative affordability measures.

By focusing on more flexible and tailored product offerings than those typically available from traditional lenders, LiveMore aims to empower individuals over 55.

Its mission is to alleviate the financial challenges faced during retirement, providing more accessible and adaptable RIO mortgages, thereby aiding those in their later years to finance their retirement with confidence and ease.

What Financial Solutions Does LiveMore Offer for Homeowners Aged 55 and Up?

For homeowners aged 55 and older, tapping into home equity is a vital part of retirement planning.

LiveMore offers Retirement Interest Only (RIO) mortgages as an alternative to traditional equity release, enabling homeowners to access their home’s financial value.

With a RIO mortgage, homeowners can borrow against their home’s equity, paying only the interest on the loan for its duration.

The principal loan amount is repaid when the home is sold, typically under circumstances like the homeowner’s death or transition to long-term care, offering a parallel to the repayment mechanism of equity release schemes.

This method provides a pathway for homeowners to utilize their property’s equity, ensuring continued ownership while accessing needed funds.

Learn More: Home Equity Loans

Eligibility and Benefits of Choosing LiveMore’s Mortgages

Eligibility for LiveMore’s mortgages hinges on age and property value, providing tailored solutions for retirees.

Who Is Eligible for LiveMore’s Retirement Interest Only (RIO) Mortgages?

To qualify for a Retirement Interest Only (RIO) mortgage with LiveMore, applicants generally must meet the following criteria:

1. Age Requirement: Applicants should be at least 55 years old. This age limit ensures the products are tailored to those approaching retirement or who are already retired, seeking financial flexibility in their later years.
2. Property Ownership: You must own a property in the UK. The property is used as collateral for the mortgage, thus it’s imperative for eligibility.
3. Property Valuation: The property must meet LiveMore’s valuation criteria, often starting from a minimum valuation to ensure it is adequate security for the mortgage.

LiveMore focuses on providing flexible and accessible mortgage solutions for individuals over 55, aiming to fill the gap where traditional high-street lenders might not meet the specific needs of older homeowners.

Their RIO mortgages are designed to offer older homeowners a way to access the equity in their home without the need for equity release, by paying interest only on the loan for its duration.

Why Should You Choose LiveMore for Your Mortgage Needs?

LiveMore stands out for its commitment to simplifying the mortgage application process, rapidly becoming known as a leading RIO mortgage lender.

Additionally, its recent introduction of a lifetime mortgage offering expands its portfolio, catering to the diverse needs of homeowners aged 55 and over.

This lender differentiates itself by addressing the unique challenges faced by individuals in mid-life and beyond, aiming to merge home ownership with financial freedom.

LiveMore’s deep understanding of credit, assets, risk, and the nuances of the current economic landscape allows it to offer more pragmatic and flexible solutions than many traditional high-street lenders.

Key Advantages of Choosing LiveMore:

• Focused Expertise: With its roots deeply embedded in RIO mortgages, LiveMore has a nuanced understanding of its customers’ needs, ensuring their offerings are closely aligned with client expectations.
• Innovative Approach: The company’s extensive experience in later-age loans and financial technology positions it as a frontrunner in the industry, driving innovation to meet the evolving demands of over 55s.
• Flexibility and Choice: LiveMore advocates for the rights of individuals over 55 to access a broad spectrum of mortgage products, offering an unparalleled range of fixed rates without imposing age restrictions.

LiveMore’s ethos centers on the belief that those over 55 deserve better financial solutions.

By providing flexible, innovative mortgage options, LiveMore empowers homeowners to navigate their retirement years with confidence and security.

LiveMore Mortgages: Understanding Their Product Range

LiveMore’s mortgage products include interest-only options, designed to suit the financial needs of older homeowners.

Does LiveMore Provide 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.

Is There a Negative Equity Guarantee with LiveMore’s Mortgage Plans?

Yes, all of LiveMore’s equity release plans come with a negative equity guarantee.

This means you or your estate will never owe more than the value of your home, even if its sale price is less than the amount owed.

This guarantee provides peace of mind, ensuring that your debt will not exceed your home’s value, protecting your beneficiaries from any unforeseen financial burden.

Comparative Analysis and Financial Tools

LiveMore distinguishes itself with competitive rates and tools like mortgage calculators to aid in decision-making.

How Does LiveMore Compare to Other Mortgage Providers?

LiveMore distinguishes itself in the equity release market with competitive rates and flexible repayment options for older borrowers.

Unlike others focusing solely on lifetime mortgages, LiveMore offers a broader range of products for complex financial needs.

Their commitment to transparency and personalized customer service makes them a standout choice among equity release providers.

LiveMore Mortgage Calculator

LiveMore provides a Retirement Interest Only (RIO) mortgage calculator, which can help potential borrowers estimate how much they might be able to borrow based on their age, property value, and other criteria specific to RIO mortgages.

For those interested in broader equity release options, including lifetime mortgages, you can use our equity release calculator available here.

This tool is designed to give you a rough estimate of the amount of equity you could release from your home, helping you make an informed decision about whether equity release is the right option for you.

Costs and Financial Implications of LiveMore’s Mortgages

The costs of LiveMore’s mortgages are transparent, with clear interest rates and fees, allowing for informed financial planning.

What Are the Interest Rates for LiveMore’s Mortgage Options?

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 5.65% to 5.85%* (AER).

The interest rates for lifetime mortgages start at 5.65% to 5.85%.*

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

What Fees Are Associated with LiveMore’s Mortgages?

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.

What Are the Early Repayment Charges and Terms for LiveMore’s Mortgages?

LiveMore’s financial products, particularly their Retirement Interest Only (RIO) mortgages and their recent lifetime mortgage offering, are designed to offer flexibility.

However, early repayment of these mortgages may involve charges. These early repayment charges (ERCs) typically reduce over time, providing more favorable conditions for borrowers who retain their mortgage for a longer period.

It’s important for individuals considering LiveMore’s mortgages to understand the specifics of early repayment terms and charges.

This understanding is crucial for making an informed decision that aligns with your financial planning objectives.

The Impact of LiveMore’s Mortgages on Personal Finance

LiveMore’s mortgages may affect welfare benefits and estate planning, necessitating careful consideration.

How Do LiveMore’s Mortgages Impact Welfare Benefits and Estate Planning?

Since LiveMore offers Retirement Interest Only (RIO) mortgages and has recently introduced a lifetime mortgage product, it’s important to frame the discussion around the potential impacts of these financial solutions rather than traditional equity release schemes.

How Can LiveMore’s Mortgages Affect Welfare Benefits?

Utilizing a financial product from LiveMore, like a RIO mortgage or their lifetime mortgage, could influence your eligibility for means-tested welfare benefits.

This is because accessing equity in your home may increase your visible assets or income, depending on how you choose to receive and use the funds.

It’s essential to assess how this might change your financial situation, especially if you currently qualify for benefits based on your income and assets.

What Is the Effect of LiveMore’s Mortgages on Estate Planning?

Engaging in a mortgage agreement that involves the equity of your home will likely decrease the value of your estate.

This is an important consideration for estate planning, as it will affect the inheritance you plan to leave behind.

The equity used to service the mortgage, including any accrued interest, reduces the overall value of your estate that can be passed on to your beneficiaries.

How Can You Mitigate the Effects of Choosing a Mortgage with LiveMore?

To navigate these potential impacts, it’s advisable to consult with a financial advisor. Such a professional can offer tailored advice, taking into account your personal and financial circumstances, as well as your long-term goals.

They can help you understand the specific implications of LiveMore’s products on your welfare benefits and estate planning.

Moreover, they can assist in devising strategies to minimize any adverse effects, ensuring your financial actions align with your future objectives and the legacy you wish to leave.

What Are the Pros and Cons of Choosing LiveMore’s Mortgage Options?

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:

What Are the Benefits of Choosing LiveMore’s Mortgages?

• Regulation: LiveMore is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, ensuring a high standard of conduct.
• Loan-to-Value Ratio: Borrowers can access up to 75% of their property’s value, which is competitive in the market.
• Age Flexibility: The minimum age for application is 55, with no maximum age limit, accommodating a broad range of older homeowners.
• Interest Rates: Offers a wide range of fixed interest rates, providing stability in repayments.
• Term Flexibility: Availability of terms from five years up to a lifetime, offering significant flexibility.
• Portability: The lifetime mortgage product is portable, allowing borrowers to move their mortgage to a new property under certain conditions.
• Negative Equity Guarantee: Ensures that borrowers or their estates will never owe more than the value of their home when it is sold.

What Are the Risks Associated with LiveMore’s Mortgage Products?

• Payment Obligation: RIO mortgages require monthly interest payments, which could be a burden if the homeowner’s income decreases.
• Income Stability: Homeowners must ensure that they can sustain the required payments over time.
• Home at Risk: Failure to meet payment obligations could jeopardize the homeowner’s property.
• Debt Increase: While the interest rates are fixed, the requirement to make interest payments means the total amount paid over time could be significant.

In summary, LiveMore offers financial products designed for older homeowners seeking to leverage their property’s equity while maintaining monthly interest payments.

These products come with both the security of being FCA regulated and the responsibility of ensuring ongoing payment capability.

It’s crucial for potential borrowers to carefully consider their income stability and long-term ability to meet these payments before proceeding.

Customer Insights and Support Services

Customer feedback highlights LiveMore’s commitment to support, transparency, and tailored mortgage solutions.

LiveMore Mortgage Reviews: What Are Customers Saying?

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

• Reviews received for LiveMore on Trustpilot

LiveMore Mortgage Reviews & Complaints: How Does LiveMore Handle Feedback?

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.

What Services Are Provided by LiveMore Mortgages?

LiveMore Mortgages specializes in providing financial solutions tailored for homeowners aged 55 and over. Their services include:

1. Retirement Interest Only (RIO) Mortgages: These are their primary offerings, designed to help older homeowners access the equity in their homes without requiring regular repayments of the loan principal. Instead, borrowers pay only the interest on the loan, which can significantly reduce their monthly outgoings.
2. Lifetime Mortgage Product: Recently, LiveMore has expanded its portfolio to include a lifetime mortgage option. This product allows homeowners to borrow against the value of their home with the loan, plus interest, being repaid when the home is sold, typically as part of the estate settlement. Unlike many competitors, LiveMore’s lifetime mortgage comes with no product or valuation fees, making it an attractive option for those looking to maximize the equity they can release from their home.

These services position LiveMore as a versatile lender in the later-life mortgage market, offering solutions that cater to a range of needs and preferences for homeowners seeking to manage or enhance their financial situation in retirement.

What Is LiveMore Capital? Understanding Its Role in Equity Release

LiveMore Capital plays a central role in funding LiveMore’s equity release and later-life lending products, allowing the company to offer competitive rates and flexible options for homeowners looking to release cash from their property.

LiveMore Capital ensures that their financial products are backed by secure and reliable funding.

This structure provides customers with confidence, knowing that their equity release plans are supported by a stable financial base.

Regulatory Information and Contacting LiveMore

LiveMore operates under strict FCA guidelines, ensuring reliability and trustworthiness for clients.

How Was the Information on LiveMore and Its Mortgage Options Reviewed?

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.

What Are the FCA Details for LiveMore Capital Limited?

LiveMore Capital Limited is regulated by the FCA, ensuring adherence to stringent financial standards and practices.

What Trading Names Does LiveMore Use?

• LiveMore Capital 
• LiveMOre Capital Limited 
• LiveMore

What Services Are Permitted by the FCA for LiveMore?

Mortgages and Home Finance

Who Regulates LiveMore?

• Financial Conduct Authority (FCA)

What Are the Registration Numbers for LiveMore?

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

Where Can You Find FCA and Companies House Links for LiveMore?

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

How Can You Contact LiveMore Capital Limited?

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

What Are Common Questions About LiveMore’s Mortgage Options?

Conclusion: Why Should You Consider LiveMore for Your Mortgage Needs?

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.