Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

LiveMore Updates Lending Criteria for Borrowers with Historical Arrears

LiveMore has amended its lending criteria, reducing the assessment period for county court judgments (CCJs), individual voluntary arrangements (IVAs), and credit defaults from three years to 18 months. The lender says this change is intended to open up lending to borrowers with historical arrears who have shown stable financial behaviour.

The update means that LiveMore will now consider more recent financial behaviour when assessing applications, rather than focusing on older credit issues. The lender also stated it is reducing the number of automatic declines and increasing manual underwriting, allowing for a more individual assessment of applicants’ circumstances.

LiveMore recently lowered its minimum lending age to 40, citing the financial complexities faced by borrowers in midlife, including those arising from extended working ages, self-employment, and divorce. The lender has also launched an Underwriting Hero Hotline, providing brokers with direct access to an underwriter for support with complex or hard-to-place cases before a full application is submitted.

These changes may be relevant to letting agents and inventory clerks working with tenants or landlords who have experienced financial difficulties in the past, as they could impact mortgage approvals and property transactions.