The product will enable borrowers to choose to repay part of their mortgage on an interest-only basis, and the rest on a capital and interest basis. LiveMore’s Mortgage Matcher tool can be used to calculate repayments based on the borrower’s circumstances.
The lender said the product would be suited to people who wanted to retain enough equity to allow for downsizing in the future, and borrowers with investments who preferred a structured approach to mortgage repayments.
This is expected to be beneficial to those who are working or retired.
The product’s loan term can be extended up to 40 years, and there is no maximum age limit.
Borrowers can use the product to purchase a property, remortgage, release funds for home improvements, fund lifestyle needs or support family financially.
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It is available up to 80% loan to value (LTV) with a maximum of 75% on interest-only and 5% on capital and interest.
Borrowers can also make up to 10% in overpayments each year.
Paul Lewis, sales director for mortgages at LiveMore, said: “Our new Part & Part mortgage provides greater choice and affordability, demonstrating our commitment to making borrowing easier and more accessible for people in later life.”
