LiveMore’s range of RIO mortgages are specifically designed for homeowners over the age of 55 and require access to the equity in their property to enable them to enhance their lifestyle in retirement.
The LiveMore RIO can be used either as a remortgage vehicle or can be used to assist with a house purchase.
These RIO plans are available on a single or joint life basis with the minimum application age being 55. LiveMore have no upper age limit at application.
LiveMore have a sensible, yet pragmatic approach to retirement lending. They will base affordability on income levels, and in the case of joint incomes, they will ensure that should one party die, the survivor can still manage on their sole income.
The minimum loan on this Retirement Interest Only Mortgage is just £10,000 with a maximum of upto £1.25m. For RIO mortgage applications above £1.25m, please call the Equity Release Supermarket team on on Freephone 0800 088 5898 to check qualification and request your bespoke quotation.
LiveMore will consider various forms of income towards their assessment of affordability.
Types of acceptable income they will need to evidence include income from employed or self-employed who are at a pre-retirement age. Once in retirement, pension income, state and private pension, annuities, drawdown plans, and SIPPs are all considered along with any rental income and investment income.
Current expenditure will also need to be evidenced. LiveMore will then project future expenditure, based on your information and data provided by the Office of National Statistics.
Affordability is then assessed on the applicants ability to maintain the interest only payments on the RIO mortgage. This is due to the nature of it being a RIO product that is designed to run for the life of the loan and the last surviving partner.
LiveMore’s minimum property valuation on their RIO mortgage is £100,000 (ex-local authority flats £200,000), which must be the homeowner’s main residence and located within England or Wales. There is no maximum property value limit.
Any adverse credit such as arrears, defaults and CCJ’s can be acceptable, dependent upon the amount, longevity and level of credit registered. Please contact the Equity Release Supermarket team on Freephone 0800 088 5898 to check for eligibility.