LiveMore has reduced rates on retirement interest-only (RIO) and standard mortgages by up to 50 basis points until 31 July.

Changes include a reduction of 50bps on the lender’s two-year fixed RIO mortgage, with all other RIO products reduced by 10bps.

For standard mortgages, LiveMore has cut the price by 20bps across all products.

New rates include:

• A five-year fixed standard term product at 5.64%
• A five-year fixed RIO mortgage at 5.89%
• A fixed for life rate at 6.39%.

The reductions apply across standard capital and interest, standard interest-only, and RIO products, including the ‘Up to 100% Debt Consolidation’ product.

However, the changes do not apply to the lender’s equity release mortgages.

LiveMore director of intermediary sales Les Pick says: “While the cost of living has levelled off a bit, many borrowers aged 50 to 90 plus are still coming to terms with the higher costs of living. We hope that these rate reductions support our customers through these challenging times and help them with their future goals.”