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LiveMore launches 10-year fixed rate range
Later life specialist LiveMore has brought out a flexible 10-year fixed rate to help customers aged 50 to 90-plus concerned about the “uncertainty of rising interest rates”.
The product offers the certainty of a 10-year fixed rate but with the ability to redeem the product after five years with no (ERCs).
The ERCs start at five per cent then fall one per cent per year.
Pricing starts at 7.04 per cent across the lender’s interest-only and capital and interest product ranges.
The product is also portable subject to certain criteria at the time of an application.
Leon Diamond (pictured), CEO and founder of LiveMore, said: “This new product is essentially a five-year fixed rate with the additional benefit of up to another five years fixed, which brings peace of mind if rates continue to rise.
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“But if rates go down, there is the option to redeem the mortgage after five years with no early repayment charge giving the borrower the freedom to move onto a better rate.”
The lender said that the current interest rate environment meant longer-term fixed rates were cheaper than two–year fixed rates so borrowers could borrow more than on a two-year fixed rate.
Diamond continued: “We have come out of a low interest rate environment into territory not seen for almost a decade and a half. The markets are pricing in several more rises and no one can guarantee that rates will be lower in two years’ time. This product helps with the dilemma of whether to fix longer or shorter due to its flexibility.”