The MCI Mortgage Club has this week added LiveMore Captial to its panel, extending its range of products to include retirement interest only (RIO) mortgages.
Launched in 2020, LiveMore has taken a fresher approach to the later life lending space. It offers more flexible affordability criteria, greater borrowing power up to 75% LTV and extended fixed interest rates with simple and easy to understand early repayment charges (ERCs).
Specialising in RIO mortgages, LiveMore welcomes borrowers aged 55 and over with properties valued over £125,000 and mortgages up to £1.25m. Supporting customers with unique circumstances, LiveMore helps interest only customers approaching the end of their mortgage terms without a repayment plan in place, equity release customers too young for 75% LTV, and older Borrowers currently in their SVR.
MCI continues to grow its residential, later life and specialist panels, supporting members and their ability to place mortgages easily. This is dovetailed with an established compliance service, protection opportunities and discounted technology offering, such as the Burrow online digital broker platform.
Melanie Spencer, Head of the MCI Club, said “Adding LiveMore Capital to our panel of lenders is a great addition for our members in the later life lending space. We welcome the common sense approach that LiveMore offers, which includes options if clients find themselves in payment difficulty. It also has the ability to wave the ERC should the client need to repay the loan earlier due to a death of a partner or moving into long term care. Our members within the MCI mortgage club will be able to offer more solutions to our clients that wish to borrow in their later life.”
Alison Pallett, Director of Sales, “We are looking forward to working with MCI, and building a strong partnership with their membership. We feel confident that our fresh approach to affordability within the retirement interest only market will be a game changer.”