Paradigm Mortgage Services has added specialist lender LiveMore Capital to its panel. 

LiveMore Capital offers a range of interest-only mortgage options for the over-55 market. 

Their portfolio of fixed-rate products start from a five-year term, and extends to lifetime options. All have a maximum LTV of 75 per cent and offer flexibility on both affordability and borrower income beyond normal retirement age. 

Initially these deals are offered for remortgage applications only with a purchase option to follow. 

LiveMore also accepts life cover as a bridge on the first death occurrence. The company says it offers “simple early repayment charges” on its products.

The affordability assessments mean these loans are targeted at three key groups of older borrowers: 

• those nearing the end of their existing lender’s mortgage term who do not have a repayment plan in place

• pensioners who have an income in retirement which can be used to demonstrate ongoing affordability

• older mortgage prisoners ‘trapped’ in a lender’s open or closed back book

Paradigm Mortgage Services head of mortgages John Coffield says: “Later life lending is clearly a growth area within the mortgage market and it’s important that Paradigm member firms and their older borrower clients have access to as wide a range of products as possible.”

LiveMore Capital director of sales Alison Pallett says this deal helps the company widen its distribution options.