LiveMore creates unique affordability calculator covering all later life lending options

24 August 2023

LiveMore has built an affordability calculator which accurately provides the maximum amount of borrowing available on all of its later life lending product types in one visual display.

This follows hot on the heels of LiveMore becoming the first over-50s lender to launch a full Decision in Principle (DIP) via its new in-house built mortgage origination platform.

The affordability calculator sits on LiveMore’s website so there is no need for brokers to register to the broker portal.

By keying in answers to a few simple questions such as postcode, property value, customer age and income including current and future pensions, the affordability calculator will return results immediately.

Most lenders’ affordability calculators ask which product the broker/client is interested in but LiveMore’s system goes much further.

You don’t have to choose the product, as the calculator provides you with the maximum borrowing available for LiveMore’s full range. At a glance you can see how much can be borrowed on all later life lending options of retirement interest-only, standard interest-only, capital & repayment and lifetime mortgages.

The affordability calculator allows intermediaries and consumers to test different scenarios which are saved anonymously in the background.

Each saved calculation has a code which can be used if the broker wishes to proceed with an application via LiveMore’s broker portal. This saves the broker time as no rekeying of information is required.

Leon Diamond, CEO and founder of LiveMore, commented: “Technology plays a crucial role in a Consumer Duty world for later life lending so building our own systems in-house enables us to move fast and create great experiences for intermediaries.
“Our new affordability calculator is a prime example. It is unique as we can compare the amount that can be borrowed on standard mortgages with a lifetime mortgage on one screen. Consumer Duty emphasises how important it is to provide clients with accurate information on how much they can borrow via a range of different products.

“We continue to work on further enhancements to our technology in order to bring certainty and peace of mind to intermediaries so they can give a smooth service to clients.”