Over 50-year-old mortgage lender LiveMore Capital has secured a £275m funding line with NatWest Markets.
The funding will facilitate the growth of LiveMore’s portfolio and the origination of loans for interest-only mortgage products.
The lender says it is now able to reinvent end-of-life mortgages and “mobilize the entire financial services industry towards fairer and more holistic lending practices for the over 50s”.
LiveMore’s product offering includes Retirement Interest-Only Mortgages (Rio) and it recently announced its End-of-Term Interest Mortgage, which offers longer fixed-term rates. It lends up to 75% LTV as an alternative to equity release.
Jennifer Wallaert, Head of Specialty Funding at NatWest Markets, said: “NatWest is delighted to support LiveMore in the next stage of its growth with the launch of its final interest only mortgage product. This transaction demonstrates NatWest’s expertise and capabilities in setting up a bespoke senior secured funding warehouse as well as hedging solution for a specialist lender offering a longer term fixed rate mortgage product to support end-of-life borrowers in the UK.
LiveMore Managing Director Leon Diamond said, “We are delighted to be working with NatWest Markets to support our growth, so that we can continue to serve the oft-forgotten 50+ market. Having the backing of NatWest Markets means that together we can help mobilize the industry around our mission to help people over 50 gain real control over their financial lives. We have listened to regulators and our customers, and with the support of this relationship, we can continue to provide options for end-of-life borrowers underserved by high street lenders.