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LiveMore launches fixed-term interest-only mortgage

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  • 02/02/2022
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LiveMore launches fixed-term interest-only mortgage
Livemore Capital has unveiled a fixed-term interest-only mortgage for over-50s.

 

The new product is an alternative to a retirement interest-only mortgage, according to the later life lender.

Through the deal, borrowers can take out a mortgage or remortgage for a fixed term, which will be calculated through affordability.

Current homeowners can extend their time in their property or aspiring homeowners can take out a mortgage where it may not otherwise have been possible, Livemore said.

The loan allows customers to make capital repayments of up to 10 per cent a year. A lower age limit of 50 is in place and the maximum borrower age accepted is 80.

The product is available on a five to 30-year fixed rate, with a maximum loan to value (LTV) of 65 per cent.

Alison Pallett (pictured), 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 and 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 under-served 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.”

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