Over 50s specialist lender LiveMore has slashed mortgage rates by up to 0.85%, potentially saving older borrowers thousands of pounds.

The lender, which focuses on providing mortgages to people in later life, has cut rates across its range of products. This includes lifetime mortgages, standard capital & interest mortgages, standard interest-only mortgages, and retirement interest-only (RIO) mortgages.

Here’s a breakdown of the rate reductions:

• Lifetime Mortgages: Rates reduced by up to 0.85%, with rates now starting from 5.29%.
• Standard Capital & Interest and Interest-Only Mortgages: Rates reduced by up to 0.15%, now starting from 5.23%.
• Retirement Interest-Only (RIO) Mortgages: Rates also cut by up to 0.15%, now starting from 5.48%.

Les Pick, LiveMore’s director of intermediary sales, explained that the company wants to make mortgages more accessible to those aged 50 and over, especially with the current cost of living pressures. He hopes these rate cuts will translate into greater affordability and more choices for borrowers in this age group.

What do these rate reductions mean for you?

If you’re over 50 and looking for a mortgage, it’s definitely worth considering LiveMore. These rate cuts could save you a significant amount of money over the life of your mortgage.