Livemore has launched its new Standard Part & Part mortgage, a hybrid product aimed at borrowers aged 50 and above. The offering is available to those who are still working as well as retirees, and combines both interest-only and capital and interest repayment structures to accommodate a wide range of financial circumstances.
The product is positioned to support greater affordability. Using the Livemore Mortgage Matcher, borrowers can tailor their repayment structure based on individual income, goals, and financial profile. For instance, someone might opt to repay 60% of their loan on an interest-only basis and 40% on a capital and interest basis, depending on their long-term financial planning.
This structure may also appeal to those looking to retain equity for a future downsizing move or for borrowers with investments who prefer a more structured repayment approach. The loan term can stretch up to 40 years, and there is no maximum age limit, allowing accessibility even to borrowers in their 80s and beyond.
The mortgage can be used for multiple purposes, including purchasing a new home, remortgaging an existing property, or releasing funds to support home renovations, lifestyle expenses, or family needs.
Borrowers can access up to 80% of the property’s value, with a maximum of 75% allocated to the interest-only portion and an additional 5% for the capital and interest component. The product also allows for up to 10% in overpayments each year, offering added flexibility for those who want to reduce their loan balance ahead of schedule.
“We are continuously evolving our offering to better serve the needs of our customers,” said Paul Lewis, sales director - mortgages. “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.”
