The new mortgage products have five- and 10-year fixed rate options at up to 85% LTV
Later life lender LiveMore Capital has expanded its product range with the launch of its first ever capital and interest (C&I) mortgage for borrowers aged 50 to 85.
The new C&I mortgage has five- and 10-year fixed rate options, with loan terms from five up to 35 years and a maximum LTV of 85%.
The lender, which entered the market just over two years ago with interest-only mortgages, said it is now branching out to meet existing demand from customers aged 50 and over for C&I mortgages.
LiveMore’s research found that 62% of customers want to be left with as much equity in their homes as possible. Ultimately, they want to own their property outright, maximising their estate for inheritance purposes to pass onto family.
LiveMore believes its younger borrowers of 50 to 65-year-olds would particularly welcome a C&I option, and thinks demand also exists from those aged over 65. Data from UK Finance found that between two and three times more C&I loans are taken, larger than interest-only, in this segment of the market.
“We always intended to expand our product range to include C&I and are excited that we can now launch into this new area of lending for us,” Phil Quinn (pictured), head of intermediary sales at LiveMore Capital, commented.
“Like our interest-only products, the C&I mortgage is available to borrowers with a range of criteria, including allowing for historical credit history and unusual property construction. We manually underwrite our applications and affordability is based on all income, now and in the future, such as investments and pensions.”
