Later-life lender LiveMore Capital will use Experian’s data services to understand and onboard new customers as it expands its presence in the over 55s mortgage market.
The UK’s leading specialist provider of retirement interest-only (RIO) mortgages will use Experian’s CrossCore for identity validation checks to approve customers who meet its compliance policy requirements. LiveMore will also receive and share credit information data with Experian to help understand the financial history of people applying for mortgages.
LiveMore launched to the market in June 2020 to focus purely on the RIO market. Its creation followed a call from the Financial Conduct Authority in 2018 for more solutions for later-life borrowers. They may have reached the end of their mortgage time but are unable to repay their existing mortgage, or seek to unlock capital in their property.
LiveMore offers interest-only mortgages of up to 75% loan-to-value and fixed-rate periods which range from five years to lifetime. Its mortgage products are designed around later life borrowers and only become repayable when the mortgage holder moves into permanent care or dies.
Lisa Fretwell, Managing Director of Data Services at Experian, said: “The UK’s financial needs are changing all the time and it’s important that the products available reflect that. The data we supply to LiveMore will help it to understand and serve people over the age of 55 who want retirement interest-only mortgages, who may have previously struggled to find the right mortgage product for them.”
Leon Diamond, CEO of LiveMore Capital, said: “We’re grateful for the strong support received from Experian for us as a new lender. Good data is as important as ever in enabling us to make accurate lending decisions, and we are pleased with how the onboarding process has gone with Experian – particularly since much of this has occurred during lockdown, and all the challenges that have come with that.”