It drops prices by as much as 74bps
Later life lender LiveMore has announced significant rate reductions across its standard mortgages and retirement interest-only (RIO) products.
The rate cuts apply to all LiveMore 1 RIO products, including two-year, five-year, 5+5-year, 10-year, and fixed-for-life mortgages. For instance, the five-year fixed rate has been reduced by 19 basis points, from 6.18% to 5.99%.
Standard mortgage rates under the LiveMore 1 plan have also seen substantial reductions. Two-year fixed rates have dropped from 7.28% to 6.54%, a 74bps reduction. Similarly, the five-year fixed rate has decreased from 5.99% to 5.84%, while the 10-year fixed rate has been cut from 6.43% to 6.28%. The 5+5-year fixed rate has been reduced from 6.83% to 6.68%.
LiveMore said the move is part of its ongoing efforts to provide more affordable borrowing options for older borrowers amid rising living costs.
“As a lender dedicated to serving customers from 50- to 90-plus, we understand challenges continue to arise with the cost-of-living,” said Samantha Ward (pictured), head of proposition strategy and development at LiveMore. “We believe everyone deserves financial solutions to support their borrowing requirements, and that’s why we are committed to reducing rates wherever and whenever possible.”
These rate reductions follow LiveMore’s earlier announcement this month, when it removed the maximum borrower age and extended the maximum mortgage term to 40 years for standard mortgages. The policy change aims to provide greater flexibility and accessibility for older borrowers who may face difficulties in securing traditional mortgage products.
LiveMore’s approach in adjusting rates and policies reflects a broader trend in the mortgage industry, where lenders are increasingly tailoring their products to meet the specific needs of older borrowers. As the cost-of-living crisis continues, such measures are deemed by lenders as essential in ensuring that financial solutions remain accessible to a diverse range of customers.
With the new rate cuts, LiveMore said it wanted to reaffirm its commitment to supporting older borrowers, providing them with mortgage options that cater to their unique financial situations.
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