The later life mortgage lender said the product would give borrowers the security of a five-year fixed rate with the ability to exit after two years without incurring a fee. Early repayment charges (ERCs) only apply for the first two years, at 5% in the first year and 4% in the second. In the remaining three years of the mortgage term, there are no ERCs.
Initial rates start at 5.84%.
This product has been added to LiveMore’s Flexi Fix range, which also includes a 3+3-year deal and a 5+5-year fixed rate.
Leon Diamond, CEO 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.”
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This launch follows recent changes across LiveMore’s offering, including changes to its acceptance criteria in June, which saw the lender reduce the initial period of assessment for county court judgements and credit defaults from three years to 18 months.
Earlier this year, LiveMore also reduced its minimum lending age to 40 to address the ‘midlife mortgage crisis’ and cater to borrowers going through life changes before retirement.
