It’s good news for pensioners and those approaching retirement – LiveMore has cut mortgage rates on some of their popular products!
This means you could save money on your monthly mortgage payments, helping you stretch your retirement income further.
What’s Changed?
LiveMore has reduced rates on two key types of mortgages:
- Retirement Interest-Only (RIO) mortgages: These mortgages are specifically designed for older people who want to borrow against their home’s equity, they allow you to make smaller monthly payments and then pay off the entire loan when you sell your home.
- Standard mortgages: These are the traditional type of mortgage where you pay back both the interest and the loan amount over a set period.
How Much Have Rates Been Cut?
- RIO mortgages: The two-year fixed RIO mortgage has seen the biggest drop, with a 50 basis point reduction. All other RIO products have seen a smaller cut of 10 basis points.
- Standard mortgages: Rates have been reduced by 20 basis points across all standard mortgage products.
What are the New Rates?
Here are some examples of the new rates:
- Five-year fixed standard mortgage: 5.64%
- Five-year fixed RIO mortgage: 5.89%
- Fixed for life rate: 6.39%
These rates apply to standard capital and interest, standard interest-only, and RIO products, including the ‘Up to 100% Debt Consolidation’ product.
Who Does This Affect?
These changes apply to all LiveMore customers aged 50 to 90 plus, who are looking to take out a new mortgage or remortgage their existing one.
Important Note: The rate reductions don’t apply to equity release mortgages.