SimplyBiz Mortgages has announced that Retirement Interest Only mortgage (RIO) lender LiveMore Capital has joined its panel.
LiveMore Capital is a recently launched specialist mortgage lender, focussed on providing flexible RIO mortgages for customers aged 55 and over. The lender offers an LTV of 75%, flexibility around the property types considered and a range of fixed rates.
Richard Merrett, head of strategic development for SimplyBiz Mortgages, said: “Our new partnership with LiveMore Capital is extremely exciting for SimplyBiz Mortgages, and an integral part of our wider later life lending support for Members.
“The number of interest only mortgages held by older borrowers, and the growing requirements for more people wanting to help family via the Bank of Mum and Dad, suggests the RIO market is going to become increasingly important as a later life lending option.
“LiveMore has a proposition which challenges some of the criteria and income requirements of the existing product set, and we feel this partnership will add a valuable alternative option to finding good customer outcomes for our Members active in the later life space.”
Alison Pallett (pictured), LiveMore’s director of sales, added: “We have been working hard to broaden our market reach so that we can ensure we provide a greater choice of options for intermediaries to help more borrowers over the age of 55.
“The opportunity to work with SimplyBiz Mortgages as it undertakes a relaunch of their Later Life Lending offering is perfect timing for us and gives us a fantastic platform to showcase our products and proposition.
“Our high maximum LTV of 75% and our fresh look at affordability provides intermediaries with more choice in this fast-growing market to help a larger number of borrowers over the age of 55.”
