LiveMore urges industry to act on later life lending

08 May 2025

Calls for clearer definition to drive innovation, empower consumers and support brokers

LiveMore, the mortgage lender for people aged 50 to 90 plus is calling on the financial services industry to come together to redefine and clarify what ‘later life lending’ really means.

While the term has become increasingly common, LiveMore warns that it is still widely – and incorrectly – used as a synonym for equity release, a misunderstanding that risks limiting consumer choice, misguiding advisers and stifling innovation across the market.

“Equity release has dominated the narrative for too long,” says Leon Diamond, founder and CEO at LiveMore. “Later life lending is not one product. It’s about understanding people’s full financial picture starting in their fifties whilst earning, but also as they move into and through retirement. That means recognising pension assets, annuity income, savings, investments and other income streams as part of the affordability puzzle. Without a clear definition, consumers and advisers are being short-changed.”

LiveMore argues that true later life lending includes a range of flexible mortgage products beyond equity release – including retirement interest-only (RIO) mortgages, capital and interest repayment options and standard interest-only products – all designed with affordability in mind.

The lender is urging the industry to adopt a more structured and inclusive approach that:

• Empowers consumers with clearer information and better choices.
  
  
• Equips brokers to deliver holistic advice, tailored to real-life financial circumstances.
  
  
• Encourages lenders to innovate responsibly and confidently.
  
  
• Supports regulators in upholding Consumer Duty principles around fairness, transparency and suitability.

While current FCA rules under MCOB already require advisers to consider alternatives to equity release and assess a wide range of income sources for affordability, LiveMore believes clearer language and stronger collaboration are essential to delivering better outcomes for customers.

To that end, LiveMore is calling for the creation of an open forum bringing together lenders, brokers, trade bodies and regulators to define the category and improve standards across the board.

“We’re not saying equity release doesn’t have a place,” Diamond adds.

“We’re saying it’s just one tool – not the whole toolkit. Older borrowers deserve a lending landscape that reflects their real lives, not outdated assumptions.”

With an ageing population and growing demand for financial flexibility later in life, LiveMore says the time for action is now.

“Let’s move from confusion to clarity. Let’s redefine later life lending – not as a euphemism for equity release, but as a diverse, future-focused category in its own right.”

Supporting later life lending also means empowering brokers with agnostic, mainstream tools and product options to support borrowers aged 50 to 90+. LiveMore Mortgage Matcher® is free to brokers and works in conjunction with the affordability calculator. Brokers can find LiveMore’s broad range of products at livemoremortgages.com/lmm.