LiveMore has announced the launch of its new 3+2-year fixed rate mortgage, designed to give customers aged 50 to 90+ greater control over their borrowing in a changing interest rate environment.
The product offers the security of a five-year fixed rate with the freedom to exit after three years without penalty. Early repayment charges (ERCs) apply only in years one to three on a sliding scale of 5%, 4% and 3%. In years four and five, there are no ERCs.
Initial rates for the new product start at 5.58%.
In addition to the new product launch, LiveMore has also reduced rates on its equity release range by up to 65 basis points at higher LTV tiers.
The changes follow LiveMore announcing a series of pricing and criteria changes across its standard, retirement interest-only (RIO) and equity release ranges last month.
Paul Lewis (pictured), sales director of mortgages at LiveMore, said: “This product gives borrowers the confidence of a longer-term fix, with the flexibility to reassess their situation after just three years. It’s ideal for customers who want stability now but don’t want to be locked in if market conditions improve.”
