"Bringing this additional product to our range is a continuation of our journey to be able to offer more choice to the over 50s."
An alternative to LiveMore’s existing RIO offering, the new product allows customers to take out a new mortgage or remortgage for a fixed term, calculated according to affordability. The solution gives current homeowners the opportunity to extend their time in their property, or aspiring homeowners the option to take out a mortgage where it may not otherwise have been possible.
With inflation now at a 30-year high, prompting further uncertainty as interest rates continue to rise, it also provides the opportunity for a longer-term rate fix.
The new interest-only product also allows customers to make capital repayments of up to 10% per year if applicable. It comes with a reduced lower age limit of 50 with an upper age limit of 80, and is available on a range of fixed rates, from five years to 30 years with a maximum LTV of 65%.
Alison Pallett, LiveMore’s MD of sales, commented: “We have listened closely to our intermediaries and we’re excited to be launching this enhancement in direct response to their requests, reacting quickly to meet the needs of brokers and borrowers.
"Helping more customers over the age of 50 is at the heart of what we do, and bringing this additional product to our range is a continuation of our journey to be able to offer more choice to the over 50s. We’re showing customers that it is possible to get a mortgage in later life, and they always have options.”
