The MCI Mortgage Club has added LiveMore Capital to its panel, expanding its range of products to include retirement interest-only (RIO) mortgages.
Launched in 2020, LiveMore offers more flexible affordability criteria, greater borrowing power up to 75% loan-to-value (LTV) and extended interest rates with simple and easy-to-understand early repayment charges (ERCs).
LiveMore specialises in ROI mortgages, welcoming borrowers aged 55 and over with properties valued over £125,000 and mortgages up to £1.25 million. The firm assists 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 standard variable rate (SVR).
MCI continues to grow its residential, later life and specialist panels, supporting members and their ability to place mortgages easily. This is joined 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, says LiveMore Capital is a ‘great addition’ to the MCI Club panel of lenders in the later life lending space.
She comments: “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 at MCI Club, adds: “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.”