LiveMore have reduced rates by 22 basis points across its LiveMore 1 range for borrowers aged 50-90+ with products now starting from 5.97%, down from 6.19%.

The lender’s product range has a four tier structure; LiveMore 1 is the lowest rate tier with a maximum loan amount of £500,000 up to 60% LTV.

In addition, LiveMore has reintroduced the Fixed For Life option on its retirement interest-only (RIO) range, with rates starting at 6.12%.

All of LiveMore’s RIOs are available to more people now as last month they lowered the minimum age to 50 from 55.

Phil Quinn (pictured), head of intermediary sales at LiveMore, said: “We’re thrilled to be able to reduce our rates for the second time this year, having reduced our entire range by 50bps two weeks ago. This included our fee assisted range which comes with a free standard valuation and has a zero product fee.

“The latest rate reduction across the LiveMore 1 range applies to both interest-only and repayment mortgages which are available to anyone over the age of 50.”