Tag: Retirement Interest-Only
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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…
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Unlocking Equity in Retirement – The Rise of RIO Mortgages
Retirement interest-only (RIO) mortgages are emerging as a popular choice among the UK’s affluent and high-net-worth individuals. These unique financial products cater to older individuals aiming to unlock significant equity from their homes. This trend is part of a broader strategy for financial and inheritance tax planning, often including the desire to gift funds to…
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Good News for Over-50s – LiveMore Slashes Lifetime Mortgage Rates
LiveMore has made a major announcement: a significant reduction in later life mortgage rates across all its products, by as much as 0.29%. This decision comes at a time when confidence in the housing market is showing signs of improvement, a sentiment echoed by Tim Wellard, the product manager at LiveMore. What Does This Mean…
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Keeping Your Home: What to Do at the End of an Interest-Only Mortgage
When you take out a mortgage, there are mainly two types: repayment and interest-only. The key difference lies in how you pay back the loan. With a repayment mortgage, your monthly payments chip away at both the interest and the principal amount. By the end of the mortgage term, if you’ve made all your payments,…
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Over-50s Hit Hard by Cost of Living Crisis
The cost of living crisis in the UK is taking a heavy toll, particularly on those aged 50 to 79. Recent findings have revealed that nearly one in three people within this age group consider themselves vulnerable. This vulnerability stems not only from financial struggles but also from health-related issues, according to Leon Diamond, CEO…
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New Lifetime Mortgage Option for Over-50s
Legal and General Home Finance has unveiled a pioneering financial product specifically designed for those over 50 years old: the Payment Term Lifetime Mortgage (PTLM). This innovative offering stands out as it targets individuals whose interest-only mortgage deals are nearing their end. What makes the PTLM truly unique is its break from the traditional requirement…
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Don’t Let Age Block Your Mortgage Dreams: A Call for Fair Lending Practices
In a bold statement challenging the status quo, the founder of later life lending firm LiveMore has accused the mortgage industry of blatant age discrimination, highlighting a systemic issue that affects many older individuals seeking financial solutions in their later years. The Plight of Older Borrowers LiveMore’s CEO, Leon Diamond, has shed light on the…
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Mortgage Market: Is It Fair on the Older Generation?
The mortgage landscape has been through a whirlwind of changes recently. We’ve seen the chaos of the pandemic, the crunch of the cost-of-living crisis, the bite of high inflation, and the soar of interest rates. There’s been plenty of chatter about the impact on fresh-faced first-time buyers and the struggles of “second steppers” looking to…
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Considering Equity Release? Here’s What You Need to Know About Repayments
Are you nestled comfortably in the golden years of life but your pension pot seems more like a penny jar? If you’re sitting in a mortgage-free home and thinking about how to fund your lifestyle, equity release might just be a topic popping up on your radar. Well, WhatMortgage’s expert wrote about the nitty-gritty of…
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Are You Too Old to Get a Mortgage?
Let’s start with the good news: you’re never too old to be a first-time buyer. But here comes the tricky part – as you age, fewer lenders might be willing to offer you a mortgage, limiting your choices. The Telegraph published a useful guide. Nick Mendes, from the broker John Charcol, explains that older borrowers…