Later life mortgage lender LiveMore has reduced rates across its retirement interest-only (RIO) and standard mortgages for a limited period.
The lower rates will be available throughout July, and apply to standard capital and interest, standard interest-only, and RIO products, including Livemore’s up to 100% debt consolidation product.
The rates of the lender’s equity release mortgage products will remain unchanged.
LiveMore has reduced the rate of a two-year fixed RIO deal by 0.5%, while other RIO rates have declined by 0.1%.
Elsewhere, the lender has reduced standard product rates by 0.2%.
Now, the five-year fixed standard term product has a rate of 5.64%, the five-year fixed RIO is priced at 5.89% and the fixed for life mortgage rate is 6.39%.
Les Pick (pictured), director of intermediary sales at LiveMore, said: “While the cost of living has levelled off a bit, many borrowers aged 50 to 90-plus are still coming to terms with the higher costs of living.
“We hope that these rate reductions support our customers through these challenging times and help them with their future goals.”
To qualify for the rate reductions, intermediaries have until midnight on 31 July 2024 to submit full applications.
The lender has already made reductions to its pricing, cutting its product rates by as much as 0.74% last month. Also in June, LiveMore completed a residential mortgage-backed securitisation (RMBS) at a value of £208.1m, which was its first social bond.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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