Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

LiveMore Launches Flexible Five-Year Fixed Rate Mortgage

LiveMore has introduced a new five-year fixed rate mortgage, offering borrowers the option to exit the deal after two years without incurring a penalty. Early repayment charges (ERCs) apply only during the first two years, with rates set at 5% in the first year and 4% in the second.

The initial rates for this product start at 5.84%. After the initial two-year period, borrowers can leave the mortgage without any ERCs for the remaining three years of the term. This new product is part of LiveMore’s Flexi Fix range, which also includes a 3+3-year deal and a 5+5-year fixed rate option.

LiveMore is a later life mortgage lender. The company stated that this product aims to provide the security of a five-year fixed rate while allowing flexibility for borrowers who may wish to change their mortgage arrangements after two years.

This launch follows recent updates to LiveMore’s lending criteria. In June, the lender reduced the initial period of assessment for county court judgements and credit defaults from three years to 18 months. Earlier in the year, LiveMore also lowered its minimum lending age to 40.

For letting agents and inventory clerks, the introduction of more flexible mortgage products may impact the types of tenants and landlords entering the market, particularly those seeking adaptable financing options.