LiveMore has successfully priced and completed its inaugural securitisation, totalling £208.1m of prime and near prime owner-occupied mortgage loans.

The mortgage lender’s securitisation, Exmoor Funding 2024-1, was rated by S&P and Moody’s and received strong investor demand.

The residential mortgage-backed security (RMBS) transaction is backed by retirement interest-only (RIO) mortgages and standard mortgages – both interest-only and repayment – and LiveMore suggested it is “the first securitisation that includes RIO mortgages in the UK”.

LiveMore was established in 2020 and specialises in mortgages to customers aged “50 to 90 plus”. Over the past four years, the lender has expanded its product offering to include a range of owner-occupied mortgages and now offers more than 300 products covering standard capital repayment and interest-only mortgages, RIO and lifetime mortgages.

Managing director of finance and capital markets at LiveMore, Simon Webb, said: “This is a notable transaction, not only because it demonstrates the significant growth of LiveMore over recent years, but it clearly shows market confidence in later life lending as a financially sound investment.

“The securitisation plays a key part in LiveMore’s continuing growth and expansion as we work to fill the gap caused by the shortfall in quality mortgage finance for later-life borrowers.”

Citi acted as arrangers, and Citi and Jefferies acted as joint lead managers for the transaction.

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