Retirement Interest Only (RIO) mortgage provider, LiveMore Capital, has announced a reduction of its standard fixed rates.

The seven, 10 and 20 year fixed rates launched today are priced at 3.55%, 3.74% and 4.05% respectively.

Five-year fixes now start at 3.40% with the lifetime fixed at 3.90%.

Alison Pallett (pictured), LiveMore’s director of sales, said: “Today is a huge day for LiveMore as with our new rates we’ll be able to help more borrowers aged over 55 who need an interest only mortgage.

“We have widened our lowest rate band from 50% to 60% LTV and at 75% we can lend more than any of our competitors and we have no maximum age limit. We are also able to accept income beyond a traditional retirement age where it’s plausible, particularly helpful for the self-employed or business owners.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “It is excellent to see LiveMore setting such a positive example in the retirement interest-only mortgage market. By making its products even more price competitive as the market grows, it will help ensure that borrowers aged 55 and over can manage their mortgage debt into retirement in a cost-effective way. We strongly welcome the changes, which will support better choice and outcomes for many borrowers.”

Pallett added :”More mature borrowers and the intermediaries trying to help them, have been crying out for a lender that properly addresses their needs. We do this with great products, flexible criteria and a fresh and realistic view of affordability – in other words; a much-needed return to common sense.”