Later life specialist LiveMore has launched lifetime mortgage, Property Plus, with some of the “broadest property criteria” in the market.
After a trial, the lender is rolling out the product to complement its existing product range.
The product will consider several features other lenders may shy from such as spray foam, near to commercial property and pylons, non-standard construction, listed buildings and flood risk.
It is offered after a full affordability assessment is carried out and only when serviced interest is not possible.
LiveMore’s broker portal ensures that capital repayment and interest options have been explored before opting for equity release.
The “tech-enabled, broad producer offering” means that brokers can “confidently recommend Property Plus in a Consumer Duty compliant manner”.
If a broker decided equity release is the best option for their client but doesn’t have the relevant qualification they can make a referral to the lender’s internal team in exchange for a referral fee.
LiveMore: ‘The only Consumer Duty equity release product’
Leon Diamond (pictured), CEO and founder of LiveMore, said: “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.”
