New Part & Part product combines interest-only and capital repayment for more flexibility
Later life lender LiveMore has introduced a new mortgage offering designed for customers aged 50 and above.
The lender’s Standard Part & Part mortgage blends interest-only and capital repayment elements, providing a flexible option tailored to suit varied financial circumstances.
The product is available to individuals regardless of employment status and offers a loan term of up to 40 years. It places no upper age limit on applicants, allowing even those in their 80s or older to apply. The mortgage can be used for a range of needs including home purchases, refinancing, or releasing equity for personal use, such as home improvements or supporting family members.
Through LiveMore’s Mortgage Matcher tool, borrowers can structure their repayments based on their financial goals. For instance, one might opt to repay 60% on an interest-only basis and 40% through capital and interest, depending on their income or investment plans.
With a loan-to-value (LTV) ratio of up to 80%, the mortgage allows for 75% of the loan to be interest-only and up to 5% to be capital repayment. Borrowers also have the option to make overpayments of up to 10% annually.
The launch follows the introduction last week of a new 3+2-year fixed-rate mortgage, a product that enables borrowers to lock in a fixed rate for five years while retaining the flexibility to exit after three years without facing early repayment charges (ERCs).
“We are continuously evolving our offering to better serve the needs of our customers,” said Paul Lewis (pictured), mortgages sales director at LiveMore. “Our new Part & Part mortgage provides greater choice and affordability, demonstrating our commitment to making borrowing easier and more accessible for people in later life.”
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