LiveMore cuts lifetime mortgage (equity release) rates

07 October 2024

LiveMore, the mortgage lender for people aged 50 to 90 plus, has reduced rates on its lifetime mortgages, a type of equity release.

LiveMore’s ‘Lifetime Mortgage – Lite’ pricing has been cut by 0.29%, from 5.78% to 5.49%. The lender’s ‘Lifetime Mortgage – Standard’ pricing is down 0.25%, from 5.93% to 5.68%.

Les Pick, LiveMore’s director of intermediary sales, 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 & 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.”

The Mortgage Matcher filters through 200+ later life lending products to find products options that best suit each client. LiveMore figures show that intermediaries using the Mortgage Matcher have secured a 41% uplift in the loan amounts they can offer their clients.

These rate reductions follow LiveMore rate reductions last month (September), when the lender cut rates by 0.35% on LiveMore 2, 3 and 4 products for Standard and RIO mortgages, and by up to 0.15% on LiveMore 1 products.