LiveMore Capital has announced a reduction to its standard fixed rates from five years through to its lifetime offering.
The seven, 10 and 20-year fixed rates launched today are priced at 3.55%, 3.74% and 4.05% respectively, while the five-year fixes now start at 3.40%, and the lifetime fixed at 3.90%.
The lender’s mortgages are available to borrowers aged over 55 and there is no maximum age limit.
LiveMore director of sales, Alison Pallett, described the announcement as “a huge day for LiveMore”.
“With our new rates we’ll be able to help more borrowers aged over 55 who need an interest only mortgage,” Pallett said.
“We have widened our lowest rate band from 50% to 60% LTV and at 75% we can lend more than any of our competitors and we have no maximum age limit. We are also able to accept income beyond a ‘traditional’ retirement age where it’s plausible, particularly helpful for the self-employed or business owners.”
Legal & General Mortgage Club head of lender relationships, Danny Belton, added: “It is excellent to see LiveMore setting such a positive example in the retirement interest-only mortgage market.
“By making its products even more price competitive as the market grows, it will help ensure that borrowers aged 55 and over can manage their mortgage debt into retirement in a cost-effective way. We strongly welcome the changes, which will support better choice and outcomes for many borrowers.”
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