It also reduces the rates of its newly launched 5+5-year fixes
Later life lender LiveMore has lowered rates across selected mortgage products by up to 55 basis points after swap rates went down.
The lender, which provides specialist mortgage for those aged 50 to 90-plus, has made rate reductions across its retirement interest-only, standard interest-only, and capital and interest mortgages.
“It seems that the fall in inflation from 8.7% to 7.9% has had a positive effect on swap rates which have decreased in the last day,” commented Tim Wellard, product manager at LiveMore. “Consequently, we have been able to reduce rates on our mortgage products, which are often taken by people who the high street ignores because they are approaching or beyond retirement age.”
Earlier this week, LiveMore launched its 5+5-year fixed rate mortgage, which is a 10-year fix with no early repayment charges after year five, meaning borrowers are free to leave without penalty.
The rates on the 5+5 products now start at 6.94%, down from 7.04%, while fixed for life rates are down 25 basis points, starting at 6.94%.
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