LiveMore has expanded its range of later life lending products with the launch of a new Standard Part & Part mortgage, aimed at borrowers aged 50 to over 90.
The lender, which specialises in mortgages for older homeowners, says the new hybrid offering is designed to improve both flexibility and affordability by blending interest-only and capital repayment elements.
The product, available from today, enables borrowers to structure their loan repayments according to their personal circumstances. With the aid of LiveMore’s Mortgage Matcher tool, customers can determine the right mix of interest-only and capital and interest repayments. A borrower, for example, may choose to pay 60% on an interest-only basis and 40% on a capital and interest basis, depending on their income and financial plans.
WIDE RANGE OF PURPOSES
The mortgage can be taken for up to 40 years, with no upper age limit, making it accessible to retirees well into their 80s and beyond. It is available for a wide range of purposes including purchase, remortgage, and releasing equity for home improvements or to provide financial support to family.
LiveMore sees the new Part & Part option as particularly useful for borrowers with investments who are looking for a more structured approach to repayment, as well as those who want to preserve equity in their home to enable future downsizing.
The mortgage is available up to 80% loan-to-value, with a maximum of 75% allowed on the interest-only portion and an additional 5% permitted for capital and interest repayment. Borrowers can also make up to 10% in overpayments each year without penalty.
Paul Lewis, LiveMore’s sales director – mortgages, said: “We are continuously evolving our offering to better serve the needs of our customers. Our new Part & Part mortgage provides greater choice and affordability, demonstrating our commitment to making borrowing easier and more accessible for people in later life.”
