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LiveMore adds purchase RIO to range

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  • 21/09/2020
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LiveMore adds purchase RIO to range
Specialist lender LiveMore has responded to the recent surge in homebuying by adding a purchase option to its Retirement Interest-Only range.

 

Borrowers aged 55-years-old and over can apply for a RIO purchase deal available up to 75 per cent loan to value (LTV).

Up to 50 per cent (LTV) rates range from 3.95 per cent to 4.35 per cent for products from five to 20 years. For borrowers who need up to 75 per cent LTV, rates range from 4.45 per cent to 4.75 per cent. Product fees are £995.

LiveMore said it also remained committed to the RIO remortgage market which it said offers older borrowers an exit route for an interest-only mortgage with another lender.

The lender said a RIO remortgage was also an option for mortgage prisoners or those looking for an alternative to equity release.

Director of sales Alison Pallett (pictured) said: “These are exciting times for us.

“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 housebuying space and we are in a fortunate position to be able to react quickly to their requests.”

 

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