LiveMore has introduced a new Standard Part & Part mortgage, offering a hybrid structure designed to meet the varied financial needs of borrowers aged 50 to 90-plus. The product is available to both working and retired customers and allows a blend of interest-only and capital and interest repayment structures.
The product supports affordability by letting borrowers split repayments according to their individual income and plans. Using the lender’s Mortgage Matcher tool, applicants can determine a personalised repayment split. For example, a customer might choose a structure of 60% interest-only and 40% capital and interest.
LiveMore said the mortgage will suit borrowers looking to retain property equity for potential downsizing, as well as those with investments who prefer a managed repayment approach.
Paul Lewis, sales director – mortgages at LiveMore, said: “We are continuously evolving our offering to better serve the needs of our customers. Our new Part & Part mortgage provides greater choice and affordability, demonstrating our commitment to making borrowing easier and more accessible for people in later life.”
The mortgage is available on terms of up to 40 years, with no upper age limit. Borrowers can use the loan for purchases, remortgages, or equity release for needs such as home improvements or family support. Lending is available up to 80% LTV, with a maximum of 75% on the interest-only portion and a further 5% on the capital and interest element. Customers can also make overpayments of up to 10% each year.
LiveMore’s Mortgage Matcher, which works in conjunction with its affordability calculator, is available to brokers free of charge and aims to help advisers provide more tailored lending options in the later life market.
