Mortgage lender LiveMore has announced that it is lengthening the term of repayment across the whole of its standard mortgage range, as well as eliminating the maximum age from its criteria.
The maximum length of time available to repay one of the standard mortgages offered by LiveMore will now be 40 years. The previous maximum term available from the lender was 35 years for interest and capital loans or 30 years for interest only ones.
In addition to this, LiveMore has also abandoned its maximum borrowing age. That change will be applicable for regular interest and capital mortgages, as well as interest only ones. Before now, the maximum age for them was 85 and 80 years.
The minimum age set by the lender will remain the same. For people applying alone for standard or retirement loans, it is set at 50 years. For joint applications with one person over 50, the other person can apply from the age of 45.
Talking to Financial Reporter, Samantha Ward from LiveMore stated that more people than ever were now borrowing at a later stage in life, for a variety of reasons. She then said that such cases needed to be determined by financial circumstances rather than age, before adding:
“By removing the upper age caps and extending our mortgage terms, we believe we can assist a wider range of customers who are just as creditworthy as any other segment of the market.”
All advisors with the CeMAP qualification will be pleased to see mortgages being opened up to more people.
