Livemore has launched limited-edition interest rates and cut other fixed-rate loans, while Gatehouse Bank also cuts the purchase plan price by 50 basis points.
Later lifetime lenders have introduced Spring’s special limited edition fix for liability for two years of standard products and retirement interest-only loans.
Functions include:
- Two-year special fix, now at 5.88% until April 30, 2025
- Ratio 25bps to 59bps lower than the core fee range
- Free valuation of property value up to £2 million – and normal legal fees auxiliary legal fees
- £995 product fee, can be added to the loan
- Minimum loan amount is £75,000
Lenders have also re-customized their core standards and retirement-only loan products, with a reduction in all 2, 3 and 4 products and up to 100% debt-mergered products – in addition to its two-year FIX
- Reduce up to 34bps on Livemore 2
- 20bps reduction for Livemore 3 and 4
Finally, Livemore lowered the minimum age requirement for the second borrower. Compared to the previous 45 thresholds, joint applicants can now apply with the youngest borrower aged 40 or over. Although, a borrower must still be 50 years old or older.
Meanwhile, Gatehouse Bank’s standard variable rate for home purchase plans and purchase and sale plans that comply with Islamic teachings has been reduced by 50bps.
Gatehouse also fixes 10bps rent for overseas residents’ standard and green two-year BTL.
Gatehouse Bank’s green home finance products provide customers with reduced rental rates to purchase or refinance at an energy efficiency rating of A or B.
It also offsets the carbon emissions generated by the UK average property in the initial fixed term of the product.
The lender has also expanded its eligibility criteria and now considers applications for international residents to seek BTL financing.
The company said its plans are for UK residents, British expats and international residents seeking residential finance in England and Wales.
