LiveMore has shortened early repayment charges on its long-term fixed-rate mortgage range for the 50 to 90-plus age group.

The over-50s home loan lender says the new early repayment charges have been shortened on its 10-year, 20-year and fixed-for-life products. 

It says borrowers now have the option to end the mortgage early after five years with no penalty if their circumstances change, or they wish to refinance with another lender. 

The firm adds if customers “experience a major life event, such as having to sell the property due to the death of a partner or moving into long-term care” they will face no early repayment charges.

It says all of these charges will be visible on mortgage sourcing systems.

LiveMore managing director of sales Alison Pallett says: “We have shortened our early repayment charges, so borrowers are not tied in for the whole term of a longer-fixed rate, which often puts people off taking them out. We know circumstances change and if customers wish to redeem their mortgage earlier than the fixed-rate term, these new early repayment charges are much more palatable.

“The 10-year fixes are really gaining in popularity, and we wanted to make this product more appealing. People want the security of knowing their monthly payments won’t rise for the next decade and now they know they can redeem their mortgage penalty free after just five years. 

“Long-term fixes are a sensible option for many at the moment as rates are rising and will continue to increase, at least for the foreseeable future.”

“All of our products are portable and come with an option to overpay by up to 10% each year, customers can even take a six-month payment holiday.”

LiveMore offers interest-only mortgages to the over-50s with fixed rates ranging from five years to lifetime loans.