MCI Mortgage Club has added LiveMore Captial to its panel, extending its range of products to include Retirement Interest Only (RIO) mortgages.
LiveMore aims to offer flexible affordability criteria, greater borrowing power up to 75% LTV and extended fixed interest rates with simple early repayment charges (ERCs).
Specialising in RIO mortgages, LiveMore welcomes borrowers aged 55 and over with properties valued over £125,000 and mortgages up to £1.25m. It supports interest only customers approaching the end of their mortgage terms without a repayment plan in place, equity release customers too young for 75% LTV, and older Borrowers currently in their SVR.
Melanie Spencer (pictured), head of MCI Club, said: “Adding LiveMore Capital to our panel of lenders is a great addition for our members in the later life lending space. We welcome the common sense approach that LiveMore offers, which includes options if clients find themselves in payment difficulty.
“It also has the ability to wave the ERC should the client need to repay the loan earlier due to a death of a partner or moving into long term care. Our members within the MCI mortgage club will be able to offer more solutions to our clients that wish to borrow in their later life.”
Alison Pallett, LiveMore’s director of sales, added: “We are looking forward to working with MCI, and building a strong partnership with their membership. We feel confident that our fresh approach to affordability within the retirement interest only market will be a game change.”
