Good news for older borrowers! LiveMore, the specialist lender for the over 50s, has announced significant cuts to its mortgage rates, making it easier for mature borrowers to get on or climb the property ladder.
The company has slashed rates by up to a whopping 0.85% across a range of its mortgage products, including lifetime mortgages, standard capital and interest, standard interest-only, and retirement interest-only (RIO) mortgages.
Biggest Savings on Lifetime Mortgages
The biggest winners are those looking at Lifetime Mortgages, with rates now starting from a very competitive 5.29%. That’s a significant reduction that could result in substantial savings over the life of the loan.
But it’s not just Lifetime Mortgages that are getting cheaper. Standard repayment and interest-only mortgages have also been given a boost, with rates now starting from 5.23% – a reduction of up to 0.15%.
RIO rates also cut
And there’s good news for those considering a Retirement Interest-Only (RIO) mortgage too, with rates for these products also being cut by up to 0.15% and now starting from 5.48%.
Helping Older Borrowers Beat the Cost of Living Squeeze
Les Pick, director of intermediary sales at LiveMore, explained that these rate cuts are designed to help older borrowers cope with the ongoing squeeze on household finances.
“It’s important to us that we help brokers provide their clients with more affordability, more property and more products,” he said.
“These rate reductions should help open the market to more people in the 50 plus age bracket who may still be challenged by the ongoing higher costs of living.”