LiveMore Capital has announced it is entering the Scottish market to provide alternative mortgage solutions for borrowers hit by inflation, interest rates and costs of living.

The specialist mortgage lender confirmed that its expansion into Scotland will enable customers in the region aged from 50 to over 90 to access its full range of products, flexible term rates and affordability criteria.

Through its retirement interest only (RIO) and term interest only (TIO) products, LiveMore can now give borrowers in the region the opportunity to access a longer-term fixed rate, release capital, get a mortgage when they would otherwise struggle or simply stay in their home for longer.

The firm said it had identified Scotland as a “high-opportunity later life market” which is underserved by the high street banks that typically overlook over-50s due to outdated affordability criteria. The FCA’s latest Mortgage Prisoners Review also revealed that Scotland is home to 5,500 of the UK’s 47,000 mortgage prisoners – the third-highest concentration of all the UK regions.

LiveMore managing director of sales, Alison Pallett, commented: “It’s a great injustice that perfectly capable people with stable finances are being pushed out of the market for the simple reason that they happen to be over the age of 50 and aren’t aligned to rigid and arbitrary criteria.

“We’re delighted about the impact our fresh approach to affordability will have on Scottish borrowers who’ve been frustrated by the shortcomings of existing offerings and look forward to developing relationships with local intermediaries to revitalise this untapped market.”

Paradigm director of mortgages, Richard Howes, added: “Paradigm are extremely pleased to see LiveMore expand into Scotland with their proposition. This market area needs as wide a choice as possible, and it is really encouraging that LiveMore can now offer specialist retirement solutions for brokers and their later life customers.

“This is providing more opportunity for over-50s to lengthen their time in their homes and a new conduit for brokers in the region to expand their relationships to include more customers.”

Share Story: