Specialist lender LiveMore has launched a new hybrid fixed-rate mortgage aimed at borrowers aged 50 and above, offering a combination of long-term rate security with the option to exit early without penalty.

The new 3+2-year fixed product, which became available on 7 May, provides a five-year fixed rate but includes the flexibility to repay or refinance after just three years without incurring early repayment charges (ERCs).

Charges apply only during the initial three years on a sliding scale: 5% in year one, 4% in year two, and 3% in year three – with no penalties in years four and five.

Initial rates start from 5.58%.

Paul Lewis (pictured), sales director of mortgages at LiveMore, said: “This product gives borrowers the confidence of a longer-term fix, with the flexibility to reassess their situation after just three years.

“It’s ideal for customers who want stability now but don’t want to be locked in if market conditions improve.”

The launch comes as LiveMore also announced reductions of up to 65 basis points on its equity release range, particularly at higher loan-to-value tiers. The lender said the revised pricing strengthens its appeal to homeowners seeking to unlock more value from their properties.