Director explains how recent reductions provide financial flexibility for retirees
LiveMore has announced a reduction in rates for its lifetime mortgage products. The move is intended to provide more financial flexibility to homeowners who may need to access equity in their homes.
The lender’s Lifetime Mortgage – Lite product rate has dropped by 0.29%, from 5.78% to 5.49%, while its Lifetime Mortgage – Standard rate has been reduced by 0.25%, bringing it down from 5.93% to 5.68%.
“These rate cuts are aimed at further helping suitable homeowners aged 55 plus to unlock the wealth tied up in their property,” said Les Pick (pictured), director of intermediary sales at LiveMore – and added that the funds could be used for a variety of purposes, including supplementing retirement income, paying off debts, funding home improvements, or setting aside money for care costs.
Pick noted that equity release is not suitable for everyone and pointed out that LiveMore also offers a range of other mortgage products, including Standard Capital & Interest, Standard Interest-Only, and Retirement Interest-Only (RIO) mortgages.
These latest reductions come just weeks after LiveMore and several other lenders announced rate cuts across various mortgage products. In September, LiveMore reduced rates by up to 85 basis points (bps) on its lifetime mortgages, bringing the starting rate down to 5.29%.
The lender also reduced rates on its standard repayment and interest-only products by up to 15bps, with rates now starting at 5.23%. RIO products saw a similar cut, with rates starting at 5.48%.
Founded in 2020, LiveMore is a lender focused on providing mortgage products to individuals aged 50 to 90 plus, including lifetime mortgages, interest-only mortgages, and retirement interest-only products.
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