LiveMore has cut rates across its retirement interest-only mortgages and moved its lowest available LTV band up a notch.

Now available at 60 per cent LTV, up from 50 per cent LTV, the seven-year fixed rate has been reduced from 3.95 per cent to 3.55 per cent, the 10-year fixed rate from 4.25 per cent to 3.74 per cent, and the 20-year fixed rate from 4.35 per cent to 4.05 per cent.

Additionally, the lender’s five-year fixed rates now start at 3.40 per cent, down from 3.95 per cent. LiveMore adds that its lifetime fixed rate now starts at 3.90 per cent.

LiveMore director of sales Alison Pallett says: “Today is a huge day for LiveMore as with our new rates we’ll be able to help more borrowers aged over 55 who need an interest only mortgage.

“We can lend more than any of our competitors and we have no maximum age limit. We are also able to accept income beyond a ‘traditional’ retirement age where it’s plausible, particularly helpful for the self-employed or business owners.”

Legal & General Mortgage Club head of lender relationships Danny Belton adds: “It is excellent to see LiveMore setting such a positive example in the RIO mortgage market.

“By making its products even more price competitive as the market grows, it will help ensure that borrowers aged 55 and over can manage their mortgage debt into retirement in a cost-effective way. We strongly welcome the changes, which will support better choice and outcomes for many borrowers.”