Later life mortgage lender LiveMore has lowered rates across its equity release products.
LiveMore has cut pricing on its lifetime mortgage lite deal by 0.29% to 5.49%, while its lifetime mortgage standard option has been lowered by 0.25% to 5.68%.
The lite product ranges from 6.5% to 41% loan to value (LTV), while the standard product goes from 10% to 43% LTV.
Les Pick, director of intermediary sales at LiveMore, said: “These rate cuts are aimed at further helping suitable homeowners aged 55-plus to unlock the wealth tied up in their property. They might want to supplement their retirement income, pay off outstanding debts, fund home improvements, provide early inheritance to loved ones or set money aside for future care costs.
“It’s important to acknowledge that equity release isn’t suitable for everyone, however; we also offer standard capital and interest, standard interest-only and retirement interest-only (RIO) mortgages. We appreciate that keeping up with rate changes in the current market can be challenging for brokers, so we’ve made our rates easy to access on the LiveMore Mortgage Matcher on our website.”
LiveMore’s Mortgage Matcher filters through over 200 later life lending products to find suitable options for borrowers. The lender’s figures show that intermediaries using the Mortgage Matcher have secured a 41% uplift in the loan amounts they can offer their clients.
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These rate cuts follow reductions made by LiveMore last month, where mortgage pricing was decreased by 0.35% across select standard and RIO deals.
Hanley Economic BS cuts 95% LTV rate and adds RIO mortgage
Hanley Economic Building Society has cut the rate of its two-year fixed mortgage at 95% LTV by 0.31% to 5.44%.
The product has a free valuation, no application or arrangement fees and includes £250 cashback on completion.
The 95% LTV deal offers loan sizes between £30,000 and £500,000 and is available for purchase and remortgage.
Hanley Economic Building Society has launched a five-year fixed RIO mortgage priced at 5.55%, up to 65% LTV for purchase and remortgage.
The available loan size ranges from £30,000 to £2m at 50% LTV and £1.5m at 65% LTV.
The RIO is open to borrowers who are aged 55 and over and already in retirement.
It has no early repayment charges (ERCs), no overpayment restrictions and includes a free valuation. The RIO has no application or arrangement fees and has £250 cashback on completion.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “We’re excited to support a range of borrowers and our intermediary partners with these new offerings.
“By reducing rates and eliminating fees, we’re making our products more accessible and affordable throughout the entire borrowing lifecycle, reflecting our commitment to providing options at every stage of the mortgage journey.”
