LiveMore Secures £212 Million in Third Social Bond Securitisation for Older Homeowners

LiveMore, a specialist lender for borrowers over 40, has completed its third residential mortgage-backed securitisation (RMBS), Exmoor Funding 2026-1. Raising £212 million, the deal is structured as a social bond, highlighting a growing intersection between specialist mortgage lending and ESG-focused capital markets aimed at addressing financial exclusion for older homeowners.

What was announced

The £212 million securitisation, titled Exmoor Funding 2026-1, represents LiveMore’s third RMBS transaction. It is structured under the lender’s Social Bond Framework, which aligns with the International Capital Market Association (ICMA) Social Bond Principles. This framework allows investors to back a transaction that specifically targets social impact alongside financial returns, a rarity within the UK residential mortgage market. The issuance was rated by S&P and Moody’s and designated as a Simple, Transparent and Standardised (STS) securitisation under both EU and UK regulations. It also met the requirements for the Capital Requirements Regulation (CRR) and Liquidity Coverage Ratio Regulation (LCR).

A Second Party Opinion (SPO) from ISS ESG validated that LiveMore’s lending practices qualify as a social project category. The issuance supports the following social objectives:

• Broadening access to homeownership for a segment often excluded from mainstream credit
• Enhancing financial inclusion and stability in retirement
• Directly addressing UN Sustainable Development Goal 10: Reduced Inequalities

Notably, the deal involves the securitisation of retirement interest only (RIO) mortgages. These products have no fixed maturity date and are typically repaid upon the sale of the property or specific life events. This flexibility is increasingly vital as more individuals work later into life and seek to leverage property wealth to fund their retirement. LiveMore is believed to be the only UK issuer currently securitising these specific RIO products, positioning the transaction as a key development for the later-life lending market. The structure offers investors a rare opportunity within the UK mortgage space to support a capital markets transaction that delivers measurable social impact alongside financial returns.

"This is more than a transaction - it’s a signal of what capital can and should do"

Simon Webb, Managing Director of Finance and Capital Markets at LiveMore

The companies involved

Founded in 2020, LiveMore is a regulated, non-bank mortgage lender that has established itself as a significant player in the UK’s specialist lending sector. The firm focuses exclusively on the over-40 demographic, a segment of the market that frequently faces hurdles when seeking finance from traditional high-street banks. LiveMore currently supports more than 6,000 customers and maintains relationships with over 3,700 registered broker firms across the country. The company holds approximately 14% market share in its specific niche and distinguishes itself by offering an integrated range of products. These include Capital & Interest, Term Interest Only, Retirement Interest Only (RIO), and Equity Release solutions. To manage its underwriting and product selection, the lender utilizes its proprietary LiveMore Mortgage Matcher® technology. This system is designed to facilitate inclusive underwriting, ensuring that borrowers at various life stages can access appropriate financial products. As a non-bank lender, LiveMore relies on the capital markets to fund its operations, making the successful execution of RMBS transactions like Exmoor Funding 2026-1 central to its business model and its ability to scale its lending capacity.

What this means

This transaction highlights a shift in how specialist lenders approach capital markets. By framing the RMBS as a social bond, LiveMore is tapping into the demand for ESG-compliant assets, providing a blueprint for other non-bank lenders serving underserved demographics. The successful securitisation of RIO mortgages is particularly noteworthy; it suggests institutional investors are becoming comfortable with the unique risk profiles and lack of fixed maturity dates associated with later-life lending. As the UK population ages, traditional lenders face pressure to adapt rigid criteria or risk losing a substantial market segment to specialist firms that can prove their social impact to the bond market.