"Their approach in determining affordability, particularly their ability to consider a wider range of incomes, will, we are sure provide increased opportunities for our advisers"
Specialising in lending to people over the age of 50, LiveMore offers Mortgage Advice Bureau brokers and their clients a range of fixed rate term interest-only mortgages.
Fixed rates can be taken out for 5, 7, 10 or 20 years with the maximum term set at 30 years. There are fee free options available, and maximum LTVs are 60% or 65% depending on the product.
All forms of income are accepted at LiveMore, not just salary but other assets including current and future pensions, savings and investments, buy-to-let rental income and state benefits.
LiveMore’s managing director of sales, Alison Pallett, said: “Mortgage Advice Bureau is one of the largest brokerage firms in the country so it’s great news that its intermediaries can now access our range of fixed rate term interest-only mortgages.
“In addition to a one-off procuration fee of 0.55%, brokers can take advantage of our ‘Ongoing Procuration Fee’ which pays out 0.13% each year for 15 years. All they have to do is carry out an annual care call with their client to help identify and support anyone who may have become vulnerable since their mortgage application.”
Brian Murphy, head of lending at Mortgage Advice Bureau, commented: “Mortgage Advice Bureau is delighted to be partnering with LiveMore, specifically in having access to their term interest-only products.
“Their approach in determining affordability, particularly their ability to consider a wider range of incomes, will, we are sure provide increased opportunities for our advisers to assist even more customers achieve the right outcome for their home financing arrangements.”