Are you looking to buy a new home or remortgage, but worried about rising interest rates? Well, there’s some good news for those of us over 50.
LiveMore, the mortgage lender that specialises in borrowers aged 50 to 90-plus, has just slashed their mortgage rates.
The biggest reductions are on the longer-term fixed rates, giving you extra peace of mind in these uncertain times.
Here’s the lowdown:
What’s Changed?
- LiveMore 1 – This is the core range of mortgages for those over 50. They’ve lowered rates for Standard Interest-Only, Standard Capital & Interest, and Retirement Interest-Only (RIO) mortgages.
- Longer-Term Fixes: The biggest cuts are on the 5-plus-5-year fixed rate mortgages. For example, the LiveMore 1 standard 5-plus-5-year fixed-rate mortgage has dropped from 6.48% to 5.42%, a 1.06% reduction.
- 5-Year Fixed Rates: LiveMore 1 has also reduced its 5-year fixed rates for both standard and RIO mortgages by 0.31%.
- 10-Year Fixed Rates: LiveMore 1 10-year fixed rate mortgages, both RIO and standard, have also seen reductions, dropping by up to 0.71%.
- Limited Edition Rate Cut Made Permanent: The 2-year fixed-rate cut that was only available for a limited time in July has now been made permanent.
What Does This Mean for You?
These rate cuts are great news for anyone looking to secure a lower monthly mortgage payment.
Here’s what you need to know:
- Lower Monthly Costs: The reduced rates mean you could save money on your monthly mortgage payments.
- Stability: The longer fixed rates offer stability, giving you certainty about your monthly payments for several years.
- Flexibility: The 5-plus-5-year fixed-rate mortgage gives you flexibility after the first five years. You can choose to switch to a different mortgage product without any early repayment charges (ERCs).
Important Note: These rate cuts do not apply to LiveMore’s Lifetime Mortgage (equity release) products.
If you’re over 50 and looking for a new mortgage or want to remortgage, it’s worth checking out these new rates from LiveMore. They could save you money and give you peace of mind.