LiveMore is bringing in a new era for equity release with the launch of Property Plus, a lifetime mortgage with the broadest property criteria in the market.
After a successful trial, LiveMore is rolling out Property Plus to complement its extensive product range, being the only lender to offer all mortgage repayment types for the over 50s.
Property Plus will consider a variety of features that other lenders won’t lend on including spray foam, near to commercial property and pylons, non-standard construction, listed buildings and flood risk.
In addition, if a broker decides equity release is the best option for their client but doesn’t have the relevant qualification, they can make a referral to LiveMore’s internal team in exchange for a referral fee.
Property Plus is only offered after a full affordability assessment has been carried out and only when serviced interest is not possible.
Because of LiveMore’s tech-enabled, broad product offering, brokers can confidently recommend Property Plus in a consumer-duty compliant manner. LiveMore’s broker portal ensures that capital repayment and interest options have been explored before opting for equity release.
Leon Diamond, CEO and founder of LiveMore, commented: “All older borrowers deserve a full affordability assessment to check whether serviced interest options are better for them.
As we are the only later life lender to offer all repayment types, Property Plus is the only consumer-duty compliant equity release product. This is because our technology considers interest only and repayment mortgages first.
We fully back the recent FCA review, which found that equity release is often sold when a mortgage would have been more suitable. But if equity release is the right product, we’re proud to offer the broadest property criteria in the lifetime lending market.”
To find out more, brokers can join Matt Evans, head of underwriting at LiveMore, who will be explaining Property Plus in a webinar on Wednesday October 25 at 10am.
