LiveMore has launched a new 2+3-year fixed rate mortgage, for customers over forty.

The product provides the security of a five-year fixed rate mortgage with the freedom to exit after just two years without a penalty.

Early repayment charges (ERCs) only apply for the first two years, at 5% in year one and 4% in year two. In years three, four and five, there are no ERCs.

This is the latest addition to LiveMore’s Flexi Fix range, which also includes a 3+2-year and a 5+5-year fixed rate product.

Initial rates for the new 2+3-year mortgage start at 5.84%.

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.”

This news follows the recent expansion of LiveMore’s acceptance criteria, as it seeks to improve access to its mortgage products for underserved borrowers.

The specialist lender has reduced the initial period of assessment for CCJs and credit defaults to just 18 months, down from three years.

Earlier this year, LiveMore also reduced its minimum age to 40 in another move to combat the midlife mortgage crisis and increase access to its product range for those struggling to secure a mortgage via a standard high-street lender.