LiveMore has launched a new mortgage for borrowers aged 50 to 90+ who are concerned about rising interest rates. The 5+5-year fixed rate mortgage provides the certainty of a 10-year fixed rate with the flexibility for borrowers to redeem the product after five years if they wish with no early repayment charges (ERCs). In the first five years, the ERCs will reduce from 5% to 1% in consecutive years, and there will be no penalties in years six to 10. Rates start at 7.04% and are available across LiveMore’s interest-only and capital and interest products ranges.

MorganAsh has added a new triage service to its MorganAsh resilience system (MARS) vulnerability software in order to help mortgage advisers to identify and assess the protection needs of their clients. MARS utilises health information collected as part of the vulnerability assessment to triage the likely prospects of life, critical illness and income protection. It then assesses suitability, provides a rating and suggests the best way to proceed – whether online or pass to a nominated protection specialist. The addition comes as experts continue to highlight the gap in recommending protection in the mortgage market to protect loans.

Legal & General (L&G) Home Finance will now allow flexible lifetime mortgage customers to make up to 12 partial repayments each year, as part of its commitment to make its product range as flexible as possible. Partial repayments of up to 10% of the total amount borrowed over the year will be allowed penalty free. The repayments can also now be made by standing order. The change by L&G follows a series of new features and product developments including an extension of the offer validity period to 90 days earlier this year to add an extra layer of reassurance to customers, and a reduction to the minimum drawdown amount to £1,000, providing further flexibility.

Share Story: