Welcome to Advise Wise Market News, the news feed where you can find the latest from the later life market, including rate changes, product and process updates and market events.
Market news
Hodge product changes
From Friday 4th July 2025, Hodge are going to be making a few product changes.
Hodge will be removing products:
- Resi retire 5yr fixed 60% LTV - 5.53% - £995 fee
- RIO 5yr fixed 60% LTV - 5.85% - £995 fee
Aviva Lifestyle Max lending limit increase
Aviva has increased the maximum lending available on their Lifestyle Max lifetime mortgage product.
Key changes include:
- Maximum property value in London and the South East increased from £1 million to £2 million
- Maximum loan amount in those regions increased to £960,000
- Property value cap in all other UK regions remains at £1 million
Note: Some areas in the South East may be excluded. Please run a quote to confirm eligibility.
Reminder: What is the Lifestyle Max?
- Higher LTVs (up to 10.5% more than Lifestyle Flexible Option)
- Initial loan only – no reserve facility
- 4-year fixed early repayment charge
- Shares the same terms as LFO Edition 11
- Access to Aviva’s broad lending criteria
For questions, please reach out to your Retirement Key Account Manager.
LV= equity release criteria changes
LV= is making the following criteria changes:
- Increased flexibility on their surface water flooding policy on the Lifestyle product range.
Construction types
- LV= now considers some modern methods of construction on the Lifestyle range. These cases will require supporting documentation, such as warranties and accreditations.
- Post-1970 Crosswall construction properties are now considered on Lifestyle range (already available on Plus range).
- LV= can consider repaired pre-cast reinforced concrete semi/detached properties on Lifestyle range (already available on Plus range). These cases will require supporting documentation, such as a PRC repair certificate.
Studio flats and coach houses
- Studio Flats with three separate rooms may be considered for Lifestyle range.
- Coach Houses are now considered on Lifestyle range (already available on Plus range).
Location and property titles
- LV= is taking a more flexible approach to the proximity of pylons and masts on Lifestyle range.
- LV= can now consider properties with up to three titles on Plus range (already available on Lifestyle).
- Relaxed their adverse credit scoring criteria on Plus range. All cases remain subject to underwriting review, so acceptance is not guaranteed.
Hodge SVR changes
From 1 July 2025 Hodge is reducing its SVR from 8.10% to 7.85%
LiveMore LTVs increase
From 6 June, LiveMore has increased loan to values by up to 1.75%.
For example, the LTVs have increased for customers:
- At age 80, from 49.75% to 51.50%
- At age 70, from 39.25% to 41.00%
- At age 55, from 22.25% to 24.00%
Product withdrawal
The Loughborough Building Society has withdrawn the In Retirement Fixed 5 Years product.
Horizon criteria improvements
Standard Life Home Finance have implemented the following criteria changes on Horizon.
These are criteria that used to be declined but are now considered:
- Extensions that have a pitched roof with non-slate coverings such as glazed roofs or concrete/clay/composite/metal/solar roof tiles are acceptable
- Annexes let on a holiday/short-term letting basis can be considered by exception
- Prestigious blocks over 6 storeys considered by exception
- Properties in areas under 51% private ownership can be considered by exception
- Properties with more than 2 acres of land can be considered by exception, the valuation will be based on a maximum of 5 acres
- Properties with high voltage pylon(s) at least 100 metres away, if the pylon is closer but at least 75 metres away these can be considered by exception
- Basement flats, within the M25 and a minimum of 30 square metres with garden access can be considered subject to referral
Capital Choice Midi withdrawal
From Friday night 30 May, more2life is withdrawing Capital Choice Midi, that will be unavailable to new business from 00:01 Saturday 31/05.
LV= product changes
- Extending LTVs for single life only on Drawdown and Lumpsum
- Extending LTVs;
- DD Platinum will re-open to both Single and Joint lives
- DD Platinum Plus will re-open for single lives only
- LS Plus max LTVs will increase consistently with the DD products
The Loughborough Building Society product changes
The Loughborough Building Society has made the following product changes with immediate effect:
- Removed their 2 Year Fixed Rate at 4.99%
- Increased the LTV on Lending in Retirement from 60% to 70%
Hodge reduces affordability stress rate
Hodge has reduced the affordability stress rate and eased the calculations across its Resi, Resi Retire and RIO product ranges to support more customers onto the property ladder
The change will unlock nearly 20% more borrowing potential for our average customer.
Pure Retirement launch podcast: Purely in Conversation
Later life lender Pure Retirement launches the company's first ever podcast episode.
Pure's host Jane Mullan, is joined by special guest Sara Robinson from Equity Release Associates and Matthew Taylor from Equilaw, as they explore their journey through the later life lending market and how it led them to where they are today. The episode focuses on their journeys including brand development and maintaining key industry relationships.
Fairer Finance Report
The Equity Release Council has sponsored an independent report from Fairer Finance entitled “How can Housing Wealth Bridge the Later Life Funding Gap”. It uses economic analysis to build the case for why property should be more commonly used in retirement as well as make policy recommendations. The full report can be access via this link.
LiveMore launched the 3+2 Year fixed
LiveMore has recently launched the 3+2 Year fixed with:
- Security of a 5 year fixed rate
- Freedom to exit after 3 years with no ERC
- ERCs in year 1 to 3 only of 5%, 4% and 3%
- Rates from 5.58%
- Standard and Retirement Interest Only options
Designed for clients from 50 to 90+ wanting greater control over their borrowing in a changing interest rate environment.
Horizon 620 changes
From Tuesday 13 May 2025, Standard Life Home Finance's Horizon 620 will no longer be available to joint life cases and will only be available to single life cases.
Aviva reintroduces Lifestyle Max
From 6 May, Aviva has reintroduced its Lifestyle Max lifetime mortgage. With up to 10.5% higher LTV than the existing Lifestyle Flexible Option lifetime mortgage and a 4-year ERC term, Lifestyle Max gives your clients a way to release higher proportions of equity from their home.
LiveMore loan size increase
LiveMore is increasing the minimum loan size from £20K to £30k on lifetime mortgages.
LiveMore affordability and criteria changes
LiveMore have recently made the following affordability and criteria enhancements:
- LVR reduced from 4.80% to 4.54%
- Reversion margin – reduced from 3.50% to 3.00%
- Changes made to how different elements of income are treated
- Stress testing measures have been refined to reflect current market conditions enabling increased lending potential
Just product changes
On Thursday 17 April 2025, Just are making changes to part of the Just for You Lifetime Mortgage range. These changes include:
- Rate increases across the range
- Increase to J3 ISM discount
- Increase in J2, J2.5 & J3 LTVs
- Reduction in J4 and J6 LTVs
- Reduction of max age to 80 for J1 & J2
Heritage changes
From Thursday 17 April, Pure Retirement is making the following changes:
- Withdrawal of Special 3
- Withdrawal of Super
- Withdrawal of all cashbacks
- LTVs on Special 2 single life LTVs reduced to match joint life (36% LTV at age 70)
- LTVs on Special 2.5 single life LTVs reduced to match joint life (36.5% LTV age 70)
- Max age on Super Max reduced to 80
- Price increases across the remaining price points
Horizon Interest Reward's new higher LTVs
Standard Life Home Finance have increased LTVs on their Horizon and Horizon Interest Reward lifetime mortgages, allowing you to cater for even more clients.
With the launch of two higher LTV plans, Horizon 600 and 620, you can now offer LTVs up to 51% with Standard Life Home Finance.
For help with sourcing Horizon Interest Reward on the Advise Wise Platform, download their simple guide.
Standard Life Home Finance launches automated drawdown form
Standard Life Home Finance has introduced a new automated drawdown form for customers, designed to streamline the process for those wishing to access their drawdown facility. This will allow your clients to easily request funds from their lifetime mortgage and provide all the information needed in one go, reducing the time it takes to receive their funds and offer a smooth and hassle-free experience throughout.
LV= upcoming maintenance on the ER portal
LV= will be performing scheduled maintenance to their Equity Release Portal, that unavailable during the following weekend periods:
- Friday 7 March, from 5.30pm until Saturday 8 March, 1pm
- Friday 14 March, from 5pm until Saturday 15 March, 6pm
- Friday 28 March, from 5.30pm until Saturday 29 March, 6pm
Capital criteria changes
On 3 March 2025 more2life is implementing the following criteria changes on Capital plans:
- Residency
Remortgages within six months of the last purchase date are not acceptable. However, these are considered by exception subject to a suitability assessment.
- Roof
Roofs previously treated internally or externally with spray foam where it has or will be removed prior to completion are acceptable subject to a report obtained from a suitably qualified professional to confirm the condition of the roof structure.
- Service charges, estate charges and ground rent
Where the road and sewer are covered under the estate charge and not adopted, these are acceptable if it complies with all of the above estate rent charge policy rules.
Shared private drainage is usually unacceptable, however where this services an estate of at least 10 properties, this can be considered subject to suitability of the arrangements in place.
- Environmental matters
Properties that have flooded in the past 15 years due to environmental causes. Properties that have a long term flood risk rating for flooding from rivers or seas/coastal of medium or high using the relevant Government long term flood risk assessment tool are unacceptable.
- Adjacent/Close proximity to commercial properties
Commercial presence within the vicinity of the property can be considered by exception where the proximity, locality and nature of the commercial unit has been assessed and factored into the impact on the property.
Standard Life Home Finance criteria change
On Monday 3 March, Standard life Home Finance is making the following changes to their lending criteria:
- Residency
Remortgages within six months of the last purchase date are not acceptable. However, these are considered by exception subject to a suitability assessment.
- Roof
Roofs previously treated internally or externally with spray foam where it has or will be removed prior to completion are acceptable subject to a report obtained from a suitably qualified professional to confirm the condition of the roof structure.
- Service charges, estate charges and ground rent
Where the road and sewer are covered under the estate charge and not adopted, these are acceptable if it complies with all of the above estate rent charge policy rules.
Shared private drainage is usually unacceptable, however where this services an estate of at least 10 properties, this can be considered subject to suitability of the arrangements in place.
- Environmental matters
Properties that have flooded in the past 15 years due to environmental causes. Properties that have a long term flood risk rating for flooding from rivers or seas/coastal of medium or high using the relevant Government long term flood risk assessment tool are unacceptable.
- Adjacent/Close proximity to commercial properties
Commercial presence within the vicinity of the property can be considered by exception where the proximity, locality and nature of the commercial unit has been assessed and factored into the impact on the property.
Heritage LTV change
On 4 March, Pure Retirement is decreasing LTV on Special 3 joint life.
Buckinghamshire Building Society product changes
Buckinghamshire Building Society is making the following changes:
- Withdrawing the desktop options for RIO and retirement products RE61, RI34 and RI40.
- Changing their SVR from 8.59% down to 8.39% effective 1 March.
Scottish Widows products withdrawal
After careful consideration Scottish Widows have made the decision to withdraw their current Lifetime Mortgage product from sale to new customers with effect from 28 February. After 27 February they will no longer be accepting new mortgage applications on their Lifetime Mortgage – Lump Sum and Future Release.
For existing mortgage customers, Scottish Widows will continue to offer further drawdowns, further advances and maintain all other existing services, including ongoing support to existing mortgage customers wishing to move home and there is no change in how you can support your clients in these transactions with Scottish Widows.
Any applications in progress or submitted up to and including 27 February will be able to proceed to offer and completion as normal.
Please contact your Business Development Manager with any queries.
Hodge criteria change
With immediate effect Hodge is offering up to 6 x loan-to-income for customers earning £75,000 or more. This ehhancement will help ease the challenge around affordability and follows on from thier recent changes to foreign national criteria where Hodge increased the max LTV up to 90% and removed any min income requirements.
LiveMore Max LTV change
On Friday 7 February, LiveMore are reducing the maximum LTV on LiveMore 2 Capital & Interest products, from 85% to 80%.
Hodge Criteria Changes
Hodge is making the following criteria changes:
LTI
- Maximum LTI is 5.5x for Hodge Resi Retire (50+) and RIO
- Maximum LTI is 6x for LTV <80% on Hodge Resi products
- Maximum LTI is 5.5x for LTV >80% on Hodge Resi products
Changes for Foreign nationals only:
- Max LTV - 90%
- Time in the UK - 2 years
- Credit Conduct - Must have 2 years UK credit history with a valid CII score.
- VISAs
- Global talent (formerly Tier1)
- Skilled worker (formerly tier2)
- Health & care worker Visa (formerly Tier2)
- Spousal - joint cases only
- Employment - For skilled worker Visa, applicant must be in permanent employment.Global talent Visa, applicant must be able to evidence 18 months work history
- Time remaining on VISA - None required
- Occupations - No specific requirement
- Min Income - No Minimum income
more2life Tailored Lifetime change
On 1 February, more2life is reducing the minimum age from 60 to 55 on Tailored lifetime C5, C6 and C8.
LiveMore product changes
From Thursday 30 January LiveMore are :
- Changing the maximum loan size on LiveMore 1 (LM1) products. This is reducing from £2.5million to £1.5million.
- Increasing the maximum loan size on LiveMore 2 (LM2) products, which will now be £2.5million.
- Introducing a new 60% LTV range on LiveMore 2 across the Standard Range only.
- Decreasing the LTV on LiveMore 3 and up to 100% Debt Consolidation Ranges. This will now be capped at 75% LTV.
more2life Apex updates
On Friday 24 January more2life has temporarily withdrawn Apex and Apex Interest Reward.
Applications on current rates can be submitted (providing the KFI was created before the above date) up until 23:59 Friday 14 February 2025
Aviva Lifestyle Max product update
Due to market conditions Aviva have taken the decision to pause quoting for New Business on their Lifestyle Max product.
This means quotations for this product will be unavailable with immediate effect. The Lifestyle Flexible Option contract remains in place and is unchanged.
Aviva's Lifestyle Max change to property value
With immediate effect Aviva is no longer accepting properties valued over £1million across all locations on their lifestyle Max lifetime mortgage option.
Any pipeline cases will progress as normal, subject to their usual underwriting criteria being met.
The Lifestyle Flexible Option lifetime mortgage has not changed.
LiveMore launches new Lifetime mortgage range
LiveMore has revamped its Lifetime mortgage range, which now has four products:
- Standard
- 5 Year ERC
- 6 month Offer
- Property+
The new products include:
- Drawdown on all products
- Competitive LTVs up to 49.75%
- ERCs - Five-year ERC product, or 8 years
- Day 1 downsize protection
- Offer period – new six month offer product or 3 months
- No product fees
- Free Valuations (up to £2m valuation)
- ERCs waived - if redeemed or sell due to borrower passing away or moving into long-term care (in 3yrs)
Property considerations that have moved from Property+ into our Standard range:
- Properties above, below and near to commercial
- Grade 2 Listed
- Pylons
- Annexes (non-commercial)
- Solar Panels with UK Finance compliant lease
- Running a business from the property (must have no commercial signage or structural changes)
Pure Retirement Heritage product changes
On Friday 10 January, Pure Retirement is making the following changes to the Heritage range:
- Supreme price point (including cashback versions) withdrawn from sale.
- Freedom 20 and 40 price points withdrawn from sale.
- Interest Servicing discounts now range from 0.30% to 0.65%.
- Special 2, 2.5 and 3 will now have separate LTVs by single life and joint life, with single lives offering market leading LTVs (44% age 70, max 58.4%).
- The number of cashback options have been reduced significantly, with no cashback available on Special 3.
L&G product update
From 6pm on Thursday 9 January, Legal & General are reducing LTVs on their products.
More2life Tailored LTV and cashback changes
From 2 January night, more2life is making the following changes on Tailored Lifetime and Tailored Enhanced plans:
C6: removal of 3%, 4% & 5% cashbacks, LTVs split into Single & Joint Life
- Single Life LTV increase
- Joint Life LTV decrease for ages 60 – 73 inclusive
- Joint Life LTV increase for ages 74 - 84 inclusive
- Max LTV 55.40%
C7: removal of 2%, 3%, 4% & 5% cashbacks, LTVs split into Single & Joint Life
- Single Life LTV increase
- Joint Life LTV increase for ages 55 - 58 and 76 - 84 inclusive
- Joint Life LTV decrease for ages 60 - 75 inclusive
- No change to age 59 Joint Life LTV
- Max LTV 55.90%
C8: removal of all cashback options, LTVs split into Single & Joint Life
- Single Life LTV increase
- Joint Life LTV decrease for ages 60 – 75 inclusive
- Joint Life LTV increase for ages 76 – 84 inclusive
- Max LTV 58.40%
Enhanced: Rate decrease, removal of all cashback options, LTVs split into Single & Joint Life
- Single Life LTV increase
- Joint Life LTV increase for ages 55-58 and 77 – 85 inclusive (PA1)
- Joint Life LTV decrease for ages 59 – 76 (PA1)
- Max LTV 58.40%
Rate changes and deadlines table
View the tableAdvise Wise in the press
- Advise Wise adds Gilroy Steel Solicitors to specialist solicitor panel, boosting legal support for later life cases Published: 19 May 2025
- Just sponsors Advise Wise Cost Calculator tool to support smarter financial advice for later life lending Published: 13 May 2025
- Advise Wise completes seamless API Integration with LV= to enhance user experience with Instant KFIs and direct online applications Published: 21 January 2025
- Advise Wise extends one-click instruction feature to Forever Legal’s later life services Published: 9 January 2025
- Advise Wise enhances vulnerability support for later life advisers, using Comentis technology Published: 19 November 2024
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