We specialise in RIO mortgages for the over 55s offering a range of options with sensible affordability criteria, for sensible borrowers, with sensible needs. Our approach is refreshingly different and we’re able to help in situations where other lenders can’t or won’t.
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Fixed Rate Term
Solicitor Fees (Purchase)
Your client may select the solicitors they wish to act for them as long as they are on our approved panel. LiveMore cannot provide an indication of the fees your client may agree to pay them.
Valuation fee to be paid by the customer.
When Early Repayment Charges are applied
An ERC is only applied if, during the fixed interest rate period:
- Your client makes a repayment in any annual period following the completion date, which is more than 10% of the outstanding loan balance (as calculated on each anniversary of completion).
- Your client switches to another mortgage provider.
- Your client downsizes and makes a partial/full redemption of the loan.
An ERC is NOT applied if:
- Your client redeems the mortgage in the fixed interest rate period due to death of a partner or move into long term care.
- If the property is sold following death or move into long term care of the surviving partner.
- If your client redeems all, or part of the loan, after the fixed interest rate period.
- If, during the fixed interest rate period, your client repays up to 10% in any year under the annual repayment allowance.
Annual Repayment Allowance
In any year during the fixed interest rate period, your client may repay up to 10% of the outstanding loan balance at the beginning of such year, without incurring a penalty.
For this purpose a year is calculated from the commencement of each anniversary of the date of the mortgage advance.
If your client finds themselves in financial difficulty due to an unexpected change in circumstances, they may be entitled upon request to a payment break for up to 6 months, to allow them a little breathing space.
At the end of the payment break, the missed payments can either be paid as a lump sum payment, or they can be added to the loan. If added to the loan, this will mean that their regular monthly payment will increase.
* Product fees may be added to the loan; The actual maximum loan amount is £1,251,395.
** LVR is the LiveMore Variable Rate, which is based on a 3 month historic daily compounded SONIA rate which was 0.06% at 15 April 2021, plus an adjustment of between 0% (zero) and 1% to take into account funding costs of your loan. This rate is set on each business day 15th January, 15th April, 15th July and 15th October each year. If this date is not a business day, the reference rate will be reset on the preceding business day. Our updated LiveMore Variable Rate becomes effective the business day following the date on which it is reset. The floor rate is 0.00%.
Find out more about some of the recent cases we have been able to assist with.
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