"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."
LiveMore has built an affordability calculator which provides the maximum amount of borrowing available on all of its later life lending product types in one visual display.
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 questions such as postcode, property value, customer age and income including current and future pensions, the affordability calculator will return results immediately.
At a glance brokers can see how much can be borrowed on all later life lending options across retirement interest-only, standard interest-only, capital & repayment and lifetime mortgages.
The affordability calculator also 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.
The affordability calculator follows the launch of automated Decisions in Principle via LiveMore's new in-house built mortgage origination platform.
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.”
