The Standard Part & Part is available up to 80% loan-to-value (LTV), with a maximum of 75% interest-only and an additional 5% available on capital and interest.

It also comes with the flexibility to make up to 10% in overpayments per annum.

The product combines elements of both interest-only and capital and interest to suit different financial situations.

For example, a borrower might choose to repay 60% interest-only and 40% capital and interest, depending on their income and long-term plans.

The loan term can extend up to 40 years, with no maximum age limit, making it accessible to borrowers in their 80s and beyond.

Borrowers can use the mortgage for different purposes including purchasing a new property, remortgaging an existing loan, or releasing funds for home improvements, lifestyle needs, or family financial support.

LiveMore sales director – mortgages Paul Lewis says: “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.”