LiveMore has reduced prepayment charges on its range of long-term fixed rate mortgages for the 50-90+ age bracket.
The over-50 home lender says new prepayment charges have been shortened on its 10-year, 20-year and fixed-for-life products.
It says borrowers now have the option to end the mortgage early after five years without penalty if their circumstances change or if they want to refinance with another lender.
The company adds that if customers “experience a major life event, such as having to sell the property due to the death of a partner or move into long-term care,” they will not face prepayment charges. .
It indicates that all of these fees will be visible on the mortgage provisioning systems.
Alison Pallett, LiveMore’s Managing Director of Sales, says: “We’ve lowered our prepayment charge so borrowers aren’t tied down for the duration of a longer fixed rate, which often deters people from remove them. We know that circumstances change and if customers want to pay off their mortgage sooner than the fixed rate term, this new prepayment charge is much more acceptable.
“10 year patches are really gaining popularity and we wanted to make this product more appealing. People want the security of knowing their monthly payments won’t increase for the next decade, and now they know they can redeem their mortgage without penalty after just five years.
“Long-term solutions are a smart option for many right now, as rates are rising and will continue to rise, at least for the foreseeable future. »
“All of our products are portable and offer an overpayment option of up to 10% each year, customers can even take a six month payment holiday. »
LiveMore offers interest-only mortgages for over 50s with fixed rates ranging from five years to lifetime loans.