LiveMore Capital has launched its first Capital & Interest (C&I) mortgage for borrowers aged 50 to 85.
The lender entered the market just over two years ago with interest-only mortgages and is now branching out.
There is demand from customers aged 50 and over for C&I mortgages as LiveMore’s research found that 62% of customers want to be left with as much equity in their homes as possible (Source: LiveMore Capital Research, 2022).
Ultimately, they want to own their property outright, maximising their estate for inheritance purposes to pass onto family.
LiveMore believes its younger borrowers (50 to 65-year-olds) would particularly welcome a C&I option but there is also demand 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.
The new C&I mortgage has 5 and 10-year fixed rate options with loan terms from five up to 35 years and a maximum LTV of 85%.
Phil Quinn (pictured), head of intermediary sales at LiveMore Capital, said: “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.
“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.”
