Live More RIO Mortgage - Fixed 5 Year
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Live More RIO Mortgage - Fixed 5 Year Review
RIO Mortgage – Fixed 5 Year Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.99% | 4.36% |
Scheme Incentives
- Free Valuation
- Legal Fees Contribution
Scheme Offers
- Maximum LTV – 50%
- 5-Year Fixed Interest Only Mortgage
- 10%pa Overpayment Allowance
- Free Remortgage Legal Package
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Live More RIO Mortgage - Fixed 5 Year, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
- Detailed information about the RIO Mortgage - Fixed 5 Year scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the RIO Mortgage - Fixed 5 Year product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are Live More?
Scheme Background
LiveMore Capital
Live life to the fullest with LiveMore Capital and enjoy interest only mortgages for over 55’s. LiveMore’s refreshingly different approach & positive view of older borrowers helps in situations where other lenders can’t or won’t.
Because, unlike most high street lenders LiveMore Capital looks beyond age taking all income sources of borrowers into account. Thus enabling over 55’s to unlock new interest only mortgage opportunities.
LiveMore Capital also specialises in a range of RIO mortgages for over 55’s. These offer sensible affordability criteria, for sensible borrowers, with sensible needs.
LiveMore believes the older generation deserves better – and they’re providing it with no age restrictions and the widest range of fixed rates to choose from.
Eligibility & Requirements
LiveMore’s RIO mortgages are specifically created for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.
The LiveMore RIO can be used as a remortgage vehicle or to help with the purchase of a home.
The minimum application age for these RIO plans is 55, and they are available on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.
LiveMore takes a practical, yet rational, approach to retirement loans. They will determine affordability based on income levels, and in the case of joint earnings, they will ensure that if one person dies, the survivor can still manage on their solitary income.
The minimum loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to check qualification and obtain your custom quotation for RIO mortgage applications over £1.25m.
Minimum Property Valuation
The minimum property valuation for a RIO mortgage with LiveMore is £100,000 (ex-local authority apartments £200,000).
Property Location Requirements
The primary residence of the homeowner and is located in England or Wales. There is no upper limit on the value of a property.
Single vs Joint
The minimum application age for these RIO plans is 55, and they are available on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.
Minimum Release
The minimum loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to check qualification and obtain your custom quotation for RIO mortgage applications over £1.25m.
Scheme Features
A retirement interest only mortgage (RIO) gives an initial cash lump amount that can be used for either capital raising or house acquisition. In exchange, the borrower makes monthly interest-only payments to LiveMore, ensuring that the mortgage balance remains constant during its tenure.
The RIO mortgage has no maximum term and will last as long as the last surviving homeowner lives. There is no need for a repayment strategy, such as an endowment policy, an investment product, or the need to make any capital repayments.
LiveMore offers a variety of solutions that differ in terms of loan-to-value (LTV) and length of fixed interest rate given. LTVs might range from 60 percent to a maximum of 75 percent. The interest rate available will be determined by a mix of this and the length of the fixed rate term.
A broad suite of fixed interest rates is offered, ranging from shorter 5 and 7 year fixed rates to longer 10, 20, and even lifetime fixed interest rates.
Valuation Features
Live More RIO Mortgage provides free valuation.
Early Repayment Feature
Live More Life Plan updates are still in the works. We will give an update soon.
Equity Release Council Status
Because LiveMore is not a member of the Equity Release Council, their plans do not follow the same code of conduct as other equity release schemes, such as the no negative equity guarantee.
Joint Application Features
The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This means that if the homeowner does not keep up with payments, their home may be at jeopardy.
If a single applicant dies before the end of the term, the mortgage must still be repaid, usually through the sale of the home. On joint applications, the mortgage will continue to be held in the survivor’s name.
Scheme Options
This LiveMore RIO Mortgage allows any homeowner to spend their tax-free cash as they see fit, but unlike roll-up equity release plans, RIOs allow you to control the future balance by making monthly interest-only payments.
LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.
On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without penalty.
LiveMore may provide additional borrowing options, but availability and approval are not guaranteed. The available amount is closely tied to the homeowner’s ability to finance the loan amount and will thus go through the same affordability verification process.
If you find yourself in financial hardship owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.
If you need to redeem the loan sooner than intended owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.
Within its product line, all LiveMore RIO mortgages offer fixed term interest rates. However, these are subject to change; thus, for the most up-to-date interest rates, call the Equity Release Supermarket team at Freephone 0800 802 1051.
Repayment Options
LiveMore may provide additional borrowing options, but availability and approval are not guaranteed. The available amount is closely tied to the homeowner’s ability to finance the loan amount and will thus go through the same affordability verification process.
If you find yourself in financial hardship owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.
Inheritance Protection
Live More Life Plan updates are still in the works. We will give an update soon.
Application Fees
LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.
On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without pLive More Life Plan updates are still in the works. We will give an update soon penalty.
Cashback Options
Live More Life Plan updates are still in the works. We will give an update soon.
Footnotes
*the above interest rate is a 5-year fixed rate
**the minimum age for this program is 55 years
***free legals are only available for remortgages
Live More's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
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