LiveMore Capital has announced it is extending its Retirement Interest Only (RIO) product range to include purchase mortgage applications with immediate effect.
With a high maximum LTV of 75% and the lender’s flexible approach to income beyond a typical retirement age, LiveMore described the move as an “exceptional opportunity” to help borrowers over the age of 55.
As well as the new push into the home purchase market, the lender also announced that it remains “fully committed” on the remortgage market.
LiveMore indicated it is focused on helping borrowers nearing the end of their existing lender’s mortgage term but without an adequate repayment plan, as well as those trapped in a lender’s open or closed back book – also known as a mortgage prisoner.
“These are exciting times for us,” commented LiveMore director of sales, Alison Pallett. “With the current stamp duty holiday, many older borrowers will be seeing this as an opportunity that they can benefit from and so the time is right to extend our offering to these customers and help them on their journey.
“We have listened closely to intermediaries’ needs and this enhancement is in direct response to what we are seeing in the market where our intermediary partners are reporting record levels of enquiries in the house buying space and we are in a fortunate position to be able to react quickly to their requests.
“At time when there is increased regulatory spotlight on equity release selling practices, RIO has a great place in any good intermediary’s armoury and now was the right time to extend our offering to include house purchase mortgages.”
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