Following the reduction to swap rates, later life lender LiveMore has lowered rates across selected mortgage products by up to 55 basis points.
Catering for borrowers aged 50 to 90-plus, LiveMore made rate reductions across its retirement interest-only (RIO), standard interest-only and capital and interest mortgages.
Earlier this week, LiveMore launched its 5+5-year fixed rate mortgage, a 10-year fix with no early repayment charges (ERC) after year five years.
The rates on the 5+5 product now starts at 6.94% down from 7.04%, while Fixed for Life rates are down 25 basis points starting at 6.94%.
Tim Wellard, product manager at LiveMore, said: “It seems that the fall in inflation from 8.7% to 7.9% has had a positive effect on swap rates which have decreased in the last day.
“Consequently, we have been able to reduce rates on our mortgage products, which are often taken by people who the high street ignores because they are approaching or beyond retirement age.”
