Fixed-rate term interest-only mortgages (TIOs) can be taken out for five, seven, 10 or 20 years with the maximum term set at 30 years, LiveMore said.
Alison Pallett (pictured), LiveMore’s managing director of sales, said: “Mortgage Advice Bureau is one of the largest brokerage firms in the country so it’s great news that its intermediaries can now access our range of fixed rate TIOs. In addition to a one-off procuration fee of 0.55 per cent, brokers can take advantage of our ‘ongoing procuration fee’ which pays out 0.13 per cent each year for 15 years.”
The brokers would be required to “carry out an annual care call with their client to help identify and support anyone who may have become vulnerable since their mortgage application”, she added.
The lender said fee-free options were available and that maximum loan to value (LTV) ratios were 60 or 65 per cent, depending on the product. Unusually, LiveMore said, it takes into account not just a borrower’s salary but their other assets as well, such as current and future pensions, savings and investments, buy-to-let (BTL) rental income and state benefits.
Brian Murphy, head of lending at MAB, said LiveMore’s “approach in determining affordability, particularly their ability to consider a wider range of incomes, will, we are sure, provide increased opportunities for our advisers to assist even more customers achieve the right outcome for their home financing arrangements.”
