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LiveMore has increased the maximum loan amount across its flagship product range from £1 million to £1.25 million.
The increase in borrowing amount applies to LiveMore 1, 2 and 3, as well as the “up to 100% debt consolidation” product, which allows borrowers to apply 100% of the capital increase amount towards debt repayment.
Sam Ward, head of proposition strategy and development at Livemore, said: “Despite the economy and housing market improving, many older borrowers are still finding themselves struggling financially.
“These changes are the first of many as we continue to support borrowers aged 50 to over 90 years old.”
At the same time, the company increased the amount and type of adverse credit allowed.
The increase in maximum adverse credits applies to LiveMore 4 as follows:
- Missing unsecured arrears increased from three to four times.
- County Court Judgment (CCJ) and default allowances increased from £1,500 to £2,500
- A debt management plan (DMP) has been properly maintained and approved more than three years prior to your application.
The changes apply across LiveMore’s standard capital and interest, standard interest only and retirement interest only (RIO) products.
Brokers with clients seeking loans of more than £1.25 million can seek introductions through LiveMore’s Business Development Managers (BDMs).