Paradigm Mortgage Services, the mortgage services proposition, has today added specialist mortgage lender, LiveMore Capital, to its panel.
From today, Paradigm member firms will be able to access LiveMore’s range of interest-only mortgage solutions for the over-55s.
The portfolio of fixed-rate products – ranging from five years to lifetime – come with a maximum LTV of 75%, are flexible around both affordability and borrower income beyond normal retirement age, are available on Grade 1/2/2 properties and are offered for remortgage applications today with a purchase to follow.
LiveMore accept life cover as a bridge on the first death occurrence, offer simple early repayment charges on the products, and provide clients with more options in retirement.
LiveMore’s affordability assessment means this offering is particularly relevant for borrowers who are:
- Nearing the end of their existing lender’s mortgage term and do not have a repayment plan in place.
- Enjoying income in retirement (pension and/or earned/self-employed) that can demonstrate ongoing affordability.
- Trapped in a lender’s open or closed back book – an older ‘mortgage prisoner’.
John Coffield Head of Mortgages at Paradigm Mortgage Services, commented: “Later life lending is clearly a growth area within the mortgage market and it’s important that Paradigm member firms and their older borrower clients have access to as wide a range of products as possible. Bringing LiveMore onto our lender panel, with its range of retirement interest-only mortgages, allows us to do just that and opens up a range of new opportunities for borrowers in such a position. We’re looking forward to working with the LiveMore team to continue supporting these lending options for older borrowers and to ensure that advisers can meet the growing demand in this important area.”
Alison Pallett, Director of Sales at LiveMore Capital, said: “We are excited to partner with Paradigm and look forward to working closely with their members. As we continue to widen our distribution, it is clear that we are able to offer more choice for this underserved part of the market. We are confident we will continue to help more customers and add real value.”