LiveMore Capital, specialists in lending to older people looking for mortgages, believes borrowers deserve better
Most people don’t realise how significantly their financial freedom will change once they reach 50.
Many remain unaware of the impact that crossing this threshold will have on their financial opportunities.
However, those already of age can clearly see their finances becoming more complicated and frustrating.
Mrs Atkins, aged 69, was left dismayed after being turned down for a mortgage due to her age: “It seemed bizarre to me that, purely on age, that was the end of the mortgage, even though we could comfortably afford to pay it. It just seems ridiculous.”
LiveMore Capital was founded with a firm belief that borrowers over 50 deserve better.
They specialise in lending to people looking for mortgages who are aged from 50 to 90 plus, with good financial track records.
According to Walnut research*, only half of people aged 50 and over are aware of the future difficulties they will face with their finances, including getting a mortgage.
Despite their excellent credit history, many banks are turning away mature borrowers.
This precludes them from opportunities like getting a mortgage to help buy a new home, remortgaging to stay in their home, withdrawing equity to help their kids onto the property ladder, or simply releasing some cash to enjoy retirement.
Gary, a former NHS consultant surgeon, was left shocked when he discovered at the age of 71 how challenging finding a mortgage had become.
You shouldn’t feel trapped by high interest rates
He said: “Initially, I thought, ‘oh, getting a mortgage should be straightforward,’ because I’ve never had a problem.”
David Higginson, a 69-year-old volunteer, knew equity release wasn’t right for him, but was inundated by companies trying to sell it to him.
He said: “I must get either an email or a letter every day from some company about equity release.”
LiveMore says people over the age of 50 can afford a mortgage to live the life they deserve – yet the industry doesn’t recognise their wealth of life experience and refuses to lend to them.
“LiveMore consider all borrowers’ diverse income sources and treat every case individually,” says CEO Leon Diamond.
“You shouldn’t feel trapped by high interest rates or forced to consider financial products that don’t suit your needs.”
One LiveMore customer, Alan Jones, said: “I would recommend them to anyone because they have been brilliant and I have had no problems at all.”
Another said: “I’ve got the security I want until I’m 80.”
LiveMore’s Managing Director (sales) Alison Pallet, said: “We are proud to offer borrowers aged 50-90 plus a wide range of Interest Only mortgages, that just expanded even more, thanks to our new tier structure LiveMore 1-4 and reduced early redemption charges across our 10 year, 20 year, and fixed for life products.
I’ve got the security I want until I’m 80.
“Our products are specifically designed to combat the rising cost of living and inflation, providing older borrowers some well-deserved peace of mind that their mortgage rates aren’t going to fluctuate.
With terms ranging from five years, all the way up to a fixed-for-life mortgage, our customers are able to continue to live the life they love.”
Scan the QR code to get started with LiveMore.
If you would like to get in touch with an advisor at LiveMore please contact 0330 341 0603 or visit livemorecapital.com/chat
*Source: Understanding the over 50s (Walnut, 2020) LiveMore Capital Limited is authorised and regulated by the Financial Conduct Authority and is on the Financial Services Regsiter no. 82057 and registered company no. 11630369 in England and Wales. All loans are subject to status. Think carefully before securing other debts against your home. As a last resort, your home may be repossessed if you don’t keep up with payments
