LiveMore launches 10-year fix with five-year ERCs

LiveMore has launched a new 10-year fixed rate mortgage with flexible repayment charges for borrowers aged over 50.

The '5+5-year fixed rate' mortgage provides the certainty of a 10-year fixed rate with the flexibility for borrowers to redeem the product after five years if they wish with no early repayment charges.

In the first five years the ERCs reduce annually at 5/4/3/2/1% but for years six to 10 there are no penalties.

Rates start at 7.04% and are available across LiveMore’s interest-only and capital & interest product ranges. The product is portable, subject to certain criteria at the time of application.

LiveMore pays intermediaries a 0.55% procuration fee on all its products but in addition an annual ongoing customer care fee of 0.13% can be earned for up to 15 years. To qualify intermediaries just need to call their clients once a year to check if their mortgage is still suitable for their situation.

Leon Diamond, 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.

“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.

“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.”