Up to 100% Debt Consolidation
Designed for remortgaging customers who want to consolidate more than £10,000 of unsecured debts, which would make up more than 50% of the total mortgage.
Using LiveMore’s flexible affordability criteria, customers may be eligible to borrow up to £1m against a broad range of properties.
It offers all of the great features of LiveMore 3, including the adverse criteria, but allows us to be more flexible with further debt consolidation up to 100% of the mortgage balance.
Repaying mortgage and unsecured debt using various income streams
Objective
Two clients, aged 71 and 72, encountered challenges in managing their finances during retirement, primarily due to accumulating debts. They sought a resolution to combine their debts and alleviate their financial strain.
Obstacle
They faced difficulties finding willing lenders with £32.5k remaining on their mortgage and an additional £112.5k in unsecured debts. Their retired status and age posed hurdles in obtaining the funds they needed, especially given their preference for a Retirement Interest Only (RIO) mortgage.
Outcome
Our debt consolidation tier used with a RIO mortgage presented the ideal solution, especially when considering our flexibility regarding loan amounts and missed payments. Leveraging the clients' diverse income sources, encompassing private pension, state pension, and benefits, they secured the entire loan amount required. The arrangement featured a 5-year fixed-rate product, offering substantial relief and enhanced disposable income for the clients.
Key Points:
- Features of the Up To 100% Debt Consolidation products:
- Remortgage only
- For cases where the debt being consolidated is over £10k and over 50% of the loan (and up to 100% of the loan). The max debt consolidation on LiveMore 3 and 4 is now 50% of the loan.
- Same criteria as LiveMore 3 (max loan, max LTV and adverse)
- Fees and incentives:
- £995 product fee
- £500 cashback (to support customers with legal fees as fees assisted legals is not available)
- Free standard valuations
LiveMore can help where other lenders can't.
Got a client that needs to consolidate debt? Start with our quick calculator to see what repayment options could be available for your client