A UK mortgage lender for people aged 50 to 90 has become a UK first in retirement lending – ‘showing the market confidence in later life lending’.
The firm has also estimated a 300 per cent hike in revenue alongside doubling lending.
LiveMore, a mortgage lender for seniors, is celebrating it’s fourth year by moving to new offices in central London – after launching its first securitisation in June – which generated £208m in wholesale funding by becoming the first mortgage lender in the UK to securitise retirement interest-only mortgages.
The firm says that the use of technology has played a major role in the business in 2024, as they developed an AI-driven LiveMore Mortgage Matcher®, designed to help brokers easily find suitable product options for each client according to their specific financial situation and individual needs.
LiveMore claims that their product is ‘unlike any other online tool geared at later-life borrowers’, the Mortgage Matcher searches LiveMore’s 200 plus products spanning standard interest-only, standard capital and repayment, RIO and lifetime (equity release) mortgages. This search across all four products and the resulting documentable PDF that brokers can give to their clients, helps support brokers with providing good customer outcomes in line with the Consumer Duty.
Leon Diamond, founder and CEO of LiveMore, said: “Everything we do is to reduce inequality and serve the social purpose of lending to people aged 50 to 90 plus who are typically underserved by other lenders. We are founded on the belief that if people can afford a mortgage that is right for them, their age should never be an issue.
“A critical element of our business is constantly looking at how we can support brokers, giving them the tools they need to cut through the complexities of the increasingly mainstream later life market so they can take full advantage of its enormous opportunities. 78% of housing wealth is owned by the over-50s while the value of home equity in the over-65 age bracket is around £2.6tn. The opportunities are immense in mid and later life lending.”
LiveMore figures say they have demonstrated that brokers using the Mortgage Matcher saw a 41 per cent increase in the loan amount they can offer clients and a 33 per cent uplift in the maximum amount a client can borrow. The figures also revealed 41 per cent more instances of intermediaries changing product at the maximum borrowing calculator stage of the process.
