More Time to Pay – Good News for Later Life Mortgages!

If you’re planning on taking out a mortgage later in life, or you’re approaching retirement and still have a mortgage, there’s some good news!

LiveMore, a mortgage lender, has made some changes to its rules that could make it easier for older borrowers to get a mortgage.

What’s Changed?

Firstly, LiveMore has completely removed the maximum age limit for its standard mortgages. This means you can now apply for a mortgage at any age! Previously, the maximum age for standard capital and interest mortgages was 85 years old, and for interest-only mortgages, it was 80 years old.

Secondly, LiveMore has also extended the maximum mortgage term for its standard range of mortgages. This means you can now spread your mortgage payments over a longer period of time. The new maximum term is 40 years, up from 30 years for interest-only and 35 years for capital and interest mortgages.

More Flexibility for Older Borrowers

This means that if you’re 60 years old and are looking to buy a new home or remortgage, you could now spread your payments over 20 years, rather than the previous 10 years. This could help to reduce your monthly payments, making it more affordable to own your own home.

Samantha Ward, head of proposition strategy and development at LiveMore, said, “We know that many people need to borrow money later in life, and that their income can come from various sources. We believe that it’s more fair to assess borrowers based on whether they can afford their payments, rather than how old they are. By removing age limits and extending mortgage terms, we can help more people who are financially responsible get the mortgages they need.”

Who Can Apply?

If you’re thinking of applying for a LiveMore mortgage, remember that the minimum age for a sole applicant is 50 years old for standard and retirement mortgages. If you’re applying jointly with someone else, and one of you is 50 or older, the other applicant can be as young as 45.

These changes are good news for those who are planning to buy a home or remortgage later in life. It means that older borrowers have more flexibility and choice when it comes to their mortgage options. If you’re considering a mortgage, it’s always a good idea to speak to a financial advisor who can help you understand the options available to you.