LiveMore Capital has launched its new term interest-only mortgage for 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 has been designed to give 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.
The new interest-only product also allows for customers to make capital repayments of up to 10% per year if applicable. It comes with a reduced lower age limit of 50 with the upper age limit of 80, and is available on a range of fixed rates, from five years to 30 years.The maximum LTV is 65%.
Alison Pallett, LiveMore’s managing director of sales, said: “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.”
Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “The expansion of products and affordability criteria brings benefits to brokers, borrowers and lenders alike. LiveMore has been widely received as a very positive addition to the historically underserved later-life lending market and today’s announcement will help many to enjoy the retirement that they deserve. Demand for further additions to this sector remains high, and we look forward to developments from LiveMore and other lenders in the coming months.”