LiveMore Slashes Mortgage Rates for Over-50s

LiveMore, a mortgage lender specialising in customers aged 50 to 90+, has announced significant cuts to its mortgage rates across the board. This recent development follows on the heels of rate reductions they implemented back in December.

The cuts are substantial, with reductions reaching up to 0.71%. This means a lot for those looking to manage their mortgages more effectively in their later years. Here’s a breakdown of what’s changed:

Range of Products Affected

  • Standard Capital and Interest Mortgages
  • Standard Interest-Only Mortgages
  • Retirement Interest-Only (RIO) Mortgages
  • Lifetime Mortgages

Specific Reductions

  • Two-Year Fixed Rates: The most significant cut here, with a 0.71% reduction across standard and RIO mortgages.
  • Five-Year Fixed Rates: These have seen a decrease of 0.65%.
  • Longer Fixed Rates: For those looking at more extended periods, the 5+5 and 10-year fixed rates are down by 0.42%.
  • Fixed-for-Life RIO Mortgages: These have also been reduced by 0.40%.
  • Equity Release Products: On the lifetime mortgage range, these are down by up to 0.47%.
  • Property Plus Products: A more modest reduction, but still notable, at up to 0.22%.

A Boost for Confidence in Housing

Tim Wellard, the product manager at LiveMore, expressed his delight, saying “We’re very glad to be able to pass on to borrowers and brokers the benefits of a growing confidence in the housing market and reduced swap rates.” This is the third time since December that LiveMore has been able to offer such benefits, indicating a positive trend in the housing market for older homeowners.

What This Means for You

If you’re aged 50 or above and considering a mortgage or looking to refinance your existing one, this could be a golden opportunity. Lower rates mean potentially lower monthly payments and more financial flexibility. It’s a great time to explore your options and see how these changes could benefit you.