Category: Equity release
Members of Air Mortgage Club will now be able to access LiveMore’s range of retirement interest-only (RIO) mortgage solutions for the over-55s.
The addition of the two later life brands brings the total number of lenders on Legal & General Mortgage Club’s panel to more than 90.
Some 20% of those considering equity release said that the pandemic’s impact on their broader family’s finances has meant that they’re more likely to take out the product.
Launched in 2020, LiveMore aims to offer flexible affordability criteria, greater borrowing power up to 75% LTV and extended fixed interest rates with simple ERCs.
The ‘Tailored Enhanced’ and ‘Tailored Lifetime’ plans will replace the lender’s current ‘Tailored Plus’ and ‘Tailored Lite’ plans respectively.
The ONS Wealth and Assets preliminary data found that a quarter of British people thought property investment would be the best way to fund retirement.
On average, over-50s homeowners said they bought their current home 20 years ago for £113,365, and that it is now worth £240,681.
Before the impact of COVID-19, 23% of people prioritised helping children or grandchildren via financial gifting.
There was a 5% drop in requests for lifetime mortgages to pay for a holiday when compared to the first three months of the year, while requests for loans to support day-to-day living grew by 5%.
Lifetime Mortgage Drawdown + allows customers to take out a minimum initial loan of £10,000 with further ad-hoc drawdown payments available from £1,500 – £70,000.