LiveMore Cuts Interest Rates for Later Life Lending

LiveMore, a well-known later life lender, has announced a substantial reduction in rates across a variety of their mortgage products, including both traditional and equity release mortgages. These rate cuts, which go as deep as 0.58%, cover an array of products designed specifically for older customers, reflecting LiveMore’s ongoing commitment to supporting this demographic in managing their financial needs during retirement.

The rate reductions apply to several key products, enhancing affordability for those entering or already in their retirement years. Notably, these cuts span LiveMore’s range of five-year fixed-rate mortgages, which are tailored to meet the unique financial situations faced by older borrowers.

Standard Mortgages

For standard mortgages, which include both capital and interest repayment mortgages and interest-only options, rates have been reduced significantly:

  • The LiveMore 1 standard capital and interest and standard interest-only products have seen a decrease of 0.54%, with new starting rates now at 5.99%. This applies to loans with 60% and 70% loan-to-value (LTV) ratios as well as to the fee-assisted range.

Retirement Interest-Only Mortgages

For those interested in retirement interest-only (RIO) options, the LiveMore 1 RIO products also enjoy reduced rates. Here, rates have been cut by 0.50%, bringing the starting rate down to 6.18%. This adjustment is available for 60% and 75% LTV tiers, including fee-assisted options.

Lifetime Mortgages

Furthermore, LiveMore has made cuts to their lifetime mortgage products:

  • Lite, Standard, and Property+ lifetime mortgages all benefit from these reductions, with equity release product rates now starting from as low as 6.11%, following a decrease of 0.58%.

No Change to Debt Consolidation Products

It’s important to note that there have been no changes to the LiveMore’s Up to 100% Debt Consolidation products, which were just launched earlier this week. These products remain as originally priced, providing another option for seniors looking to manage their debts more effectively.

In addition to these rate cuts, LiveMore is taking further steps to aid seniors and the brokers who serve them. According to Tim Wellard, Senior Proposition Manager at LiveMore, these new, lower rates aim to offer more competitive options for customers tackling the challenges of later life lending.