OAPs Can Now Borrow Up to £1.25 Million!

Good news for anyone over 50 struggling with debt or wanting to free up some cash – LiveMore, the mortgage lender for the over-50s, has just boosted their maximum loan amount!

You can now borrow up to £1.25 million, up from £1 million, on a range of their popular products, including their LiveMore 1, 2, and 3 mortgages. And get this – you can even use 100% of your loan to pay off debts with their “Up to 100% debt consolidation” option.

Why the change?

LiveMore says they’re doing this because they know times are tough, even though the economy is doing better. Many older people are still struggling financially, and this change should make life a little easier for them.

More Flexibility for Those with Less Than Perfect Credit

But wait, there’s more! LiveMore is also making it easier for those with a less than perfect credit history to qualify for a loan. They’ve increased the amount of adverse credit they’ll accept on their LiveMore 4 products.

This means:

  • You can now have up to four missed payments on unsecured debts, instead of just three.
  • The limit for permissible CCJs and defaults has gone up from £1,500 to £2,500.
  • You can now even be approved for a loan if you’re on a debt management plan (DMP) as long as it’s been running for over three years and you’ve been keeping up with payments.

Who Can Benefit?

These changes apply to all of LiveMore’s standard products, including their capital and interest, interest only, and RIO (retirement interest only) mortgages. So, whether you’re looking to release equity from your home or consolidate your debts, LiveMore might have a solution for you.

Remember, these are just the basics. It’s always best to talk to a financial advisor before making any big decisions about your finances.