The new mortgage provides customers with the benefit of a 5-year fixed rate while allowing them to exit after two years without incurring early repayment charges (ERCs).
LiveMore has launched a new 2+3-year fixed rate mortgage aimed at borrowers aged 40 and over, expanding its Flexi Fix range.
The new mortgage provides customers with the benefit of a 5-year fixed rate while allowing them to exit after two years without incurring early repayment charges (ERCs).
The product carries ERCs of 5% in year one and 4% in year two, with no charges applying during years three, four and five.
The latest addition joins LiveMore’s existing Flexi Fix products, which include 3+2-year and 5+5-year fixed rate options.
Initial rates on the new 2+3-year mortgage start from 5.84%.
The lender said the product has been developed to help borrowers reassess their circumstances as interest rate expectations continue to shift.
Leon Diamond (pictured), chief executive officer at LiveMore, said: “Following significant broker feedback, we’ve launched the 2+3-year mortgage to fill a gap in the market and ensure our Flexi Fix range has a solution that works whichever way the wind blows.
“If you have a client who is in two minds about fixing to a rate, we can offer them the certainty that as the market changes, they can always make sure they are on the best rate for them.
“Yet again, we’re saying yes to greater flexibility where other lenders say no.”