LiveMore, a leading provider of later life lending, has announced a reduction in its mortgage rates. The company has trimmed rates across all its later life mortgage products, including retirement interest-only (RIO) mortgages, which have seen a reduction of 0.25%. This adjustment is poised to make a considerable difference for retirees looking to manage their mortgage payments more comfortably.
Interestingly, the fixed-for-life RIO mortgage has not been left behind, although its rate cut is slightly lower at 0.20%. This nuanced approach ensures that even those who’ve locked in their rates for the entirety of their mortgage term can still enjoy some financial relief.
Broader Cuts for More Homeowners
It’s not just the retirement crowd that stands to benefit from LiveMore’s recent announcement. The standard capital and interest mortgages, as well as the standard interest-only mortgages, have all been trimmed by 0.25%.
Digging a bit deeper into the specifics, the standard interest-only five-year fixed fee range now starts at a more attractive rate of 6.13%, with the 10-year fix coming in even lower at 6.03%.
A Closer Look at Lifetime Mortgages
LiveMore hasn’t stopped there. The company has also applied a 0.20% rate cut to its lifetime mortgage products, now starting at 6.38%. This type of mortgage, often considered by older homeowners looking to release equity from their properties without having to make monthly repayments, has become even more accessible thanks to these lowered rates.
Building on a History of Support
This week’s rate reductions are part of LiveMore’s ongoing efforts to provide financial relief and support to homeowners. Following their February offer, which included 100% debt consolidation on mortgages of up to £1m, it’s clear that LiveMore is dedicated to offering competitive and supportive mortgage solutions to its clients.
Tim Wellard, senior proposition manager at LiveMore, said, “It is important to us that we continue to offer a broad and highly competitive product offering to our clients via our intermediary partners.”