LiveMore was established in 2018 and entered into the equity release market in 2020. But are their plans any good, and how do they compare to the competition?
LiveMore offers the most popular type of equity release, a lifetime mortgage. All LiveMore lifetime mortgages meet the Equity Release Council standards and afford you their protections. LiveMore's Property+ lifetime mortgage offers some of the most flexible underwriting criteria in the market.
Let's review:
What interest rates does LiveMore offer? And how do they stack up against the competition?
| Range |
Product |
Monthly equivalent rate (MER) |
Loan Amount (Maximum available at this rate) |
| Lifetime Mortgage | Lite | 6.29% | Show Me |
| Lifetime Mortgage | Standard | 6.48% | Show Me |
| Lifetime Mortgage | Property+ | 7.39% | Show Me |
* Some other lenders offer variable live pricing. Please request your personalised illustration for your best rate.
How much money can LiveMore provide on their lifetime mortgages? Use our calculator to find out, plus see how they stack up to the wider market.
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LiveMore offers a number of equity release plans, but their Property+ lifetime mortgage offers some of the most flexible property underwriting criteria in the market. We have recommended LiveMore's Property+ regularly to clients who have previously been refused equity release.
However, their other equity release plans often cost more than other providers and offer less favourable underwriting criteria.
LiveMore offers the most popular type of equity release plan, the lifetime mortgage. Let's explore some criteria and features in greater detail:
Lite
lifetime mortgage |
Standard
lifetime mortgage |
Property+
lifetime mortgage |
| Fixed-for-life interest rates from 6.29% MER |
Fixed-for-life interest rates from 6.48% MER |
Fixed-for-life interest rates from 7.39% MER |
| Can apply if aged 55+ |
| No maximum age limit |
| Minimum property value £70,000 |
| No maximum property value |
| Minimum loan £10,000 |
| Optional payments of up to 10% each year |
| Downsizing protection |
| Significant life event waiver |
| Fixed early repayment charges |
| Free valuation on initial advance |
| No age restricted properties |
Age restricted properties acceptable subject to service charges and resale clauses |
| No non-standard methods of construction |
Will consider non-standard methods of construction, including timber/steel framed, concrete walls and Modern Methods of Construction |
| No sprayfoam |
Sprayfoam is acceptable as long as it is repaired within three months of receiving funds |
Free valuations: All LiveMore equity release plans offer free valuations on initial borrowing, regardless of the property's value.
I love this feature because it takes all the risk away from you. If there are any unforeseen issues with the survey, you will not have to pay anything upfront, and you will not be liable for paying a penny should you decide not to proceed.
Arrangement fees: There are no arrangement fees on any LiveMore lifetime mortgages.
Flexible property underwriting: LiveMore's Property+ lifetime mortgage is often available to clients who have previously been refused equity release due to the construction and features of their property.
It is the only lifetime mortgage product from any lender that will lend money with spray foam that has been installed in your home after the property was built.
Useful features offered by LiveMore
Significant life event waiver: For joint applications, if you repay the lifetime mortgage within three years of the date the first borrower died or moved into long-term care, an Early Repayment Charge (ERC) is not applied.
Downsizing protection: If after 5 years, you move to a property that doesn't meet LiveMore's lending criteria and you are unable to transfer the mortgage, you can repay the loan in full without incurring any early repayment charges (ERCs).
Partial repayments: You can repay up to 10% of the loan amount each year without penalty. There is a minimum payment amount of £200, and you can repay up to 12 times per year. Your annual allowance is renewed on the anniversary of the date the borrowing completes. Any unused balance does not roll over into the following year.
Fixed ERCs: LiveMore levy an Early Repayment Charge for the first ten years: 8% in years 1 - 3, 6% in years 4 - 10, and no fee thereafter.
LiveMore's equity release underwriting
Flexible on construction: LiveMore is one of the most flexible equity release lenders for non-standard construction properties on its Property+ product.
Lease length: LiveMore will accept properties with a minimum leasehold tenure unexpired term of at least 90 years.
Bad debts: LiveMore is flexible if you have County Court Judgments and will accept applicants with Debt Management Plans, provided that they are settled with the equity release money.
Married couples single applications: LiveMore is one of only three equity release lenders who allow sole applications from married couples. If you are married and own your home solely, LiveMore is considered.
We can discuss applying solely and jointly to ensure your needs are best met. Please speak with one of our equity release advisors for more information.
Concessionary Purchase: LiveMore will consider an application for a Concessionary Purchase or an Inter-family transaction.
LiveMore's equity release plans are feature-rich but may cost more than alternatives from other lenders.
A significant downside of LiveMore's equity release plans is that they do not currently offer to lend additional money in the future. Once you have taken your plan, you can only borrow more by replacing the lifetime mortgage with another. This can involve Early Repayment Charges and be costly.
As part of our equity release advice service, we will consider plans from LiveMore and compare them to other equity release lenders.
Please speak with one of our equity release advisors for your personalised illustration.
LiveMore is one of the most popular equity release lenders. Benefits of their plans include:
- Downsizing protection
- Significant life event waiver, and
- allowing sole applications from married applicants.
However, you may be able to achieve larger loans and lower interest rates from other equity release lenders. Furthermore, LiveMore does not offer medically underwritten lifetime mortgages.
When you are ready, you can book an appointment with one of our equity release advisors, who can show you how LiveMore compares to other lenders for your specific needs.
If you have an existing equity release plan with LiveMore, we can help you assess the best way to borrow additional funds.
Currently LiveMore do not offer drawdown plans or further advances, but this is something that they are looking to bring to the market in the future.
Therefore, we can consider taking a new plan with LiveMore or taking a new plan with another equity release provider.
We will require your authority to discuss your existing plan with LiveMore. Please complete the form below so that we can send you a Letter of Authority to complete, sign, and return so that we may speak with LiveMore.
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Why don't I go to LiveMore directly?
Of course, you can go to LiveMore directly to request their lifetime mortgages. However, you still require financial advice before taking one of their plans, and they do not currently have any directly employed advisors. Instead, LiveMore will put you in touch with a financial advisor who will only advise you on LiveMore's equity release plans.
If you choose to work with an advisor who works with other lenders, you could access a more suitable lifetime mortgage from another provider.
But won't I get a better deal by going direct?
The interest rates charged and the amounts of money you can release will be the same whether you go direct or through another advice firm.
Why not book your free equity release consultation with one of our equity release advisors to explore your options?
In closing
I hope I have helped you understand LiveMore's equity release product offering and that you now know whether you could be a LiveMore equity release client. If you have further questions about LiveMore's equity release plans or would like to see if LiveMore is the plan I recommend for you, contact us at 0207 158 0881.
Remember, we also compare plans from other equity release lenders, so we can save you time shopping around and find the most suitable plans. You can also use our equity release calculator to compare the lowest-rate plans.
If you have further questions, why not speak with one of our qualified advisors?
Call us on 0207 158 0881 or use our online form to book your FREE consultation.
While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon.
To understand the full features and risks of an Equity Release plan, ask for a personalised illustration.
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