The lender launched in the market last year with the aim of helping older borrowers achieve home ownership goals or use their property to live their later life to the full.

Alison Pallett, sales director of LiveMore, said: “We are all about driving a better deal for more mature borrowers aged over 55 and this removal of the £995 to £1,395 product fees does exactly that.

“We hope that this change will assist our brokers in offering further choice to their customers needing interest only solutions, along with a fresh approach to affordability.”