LiveMore hopes to make sourcing later life products simple for brokers by introducing ‘counter-offer’ to its later life platform.
Brokers only need to key their client’s details once and LiveMore will return product options available, and potential alternative options if the original product doesn’t quite fit.
When receiving applicant details including the client’s income and expenditure details, a maximum borrowing calculation is made. If the client does not pass the affordability assessment for the originally chosen mortgage, the system finds counter-offers within LiveMore’s wide range of products.
According to Livemore, the newly-released counter-offer feature ensures the broker can take alternative options back to the borrower without the need to restart the application and rekey the information.
The FCA’s recent review into the lifetime mortgage sector was critical of some of the advice given to consumers as options were often not explored.
Livemore CEO Leon Diamond comments: “The FCA has been clear that borrowers over 50 aren’t being given great advice. We believe technology is key to enabling brokers to give better advice to their clients.
“When using LiveMore’s platform, brokers only have to key their clients details once. In exchange, we’ll show them every available product, from capital and repayment to interest only through to equity release.
He adds: “With ‘counter-offer’, we go one step further and show alternative options that may work for the borrower, giving the broker a full picture to confidently go back to their client.”
