The tool also enables users to test different scenarios
Later life lender LiveMore has launched an affordability calculator which provides the maximum amount of borrowing available on all of its lending product types in one visual display.
The affordability calculator is available to access on LiveMore’s website so there is no need for brokers to register to the broker portal. It returns results immediately after keying in the postcode, property value, customer age, and income, including current and future pensions.
The tool allows the user to see at a glance how much can be borrowed on all of LiveMore’s later life lending options of retirement interest-only, standard interest-only, capital and repayment, and lifetime mortgages.
LiveMore’s affordability calculator also enables 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 the broker portal, saving the broker time as no rekeying of information is required.
The introduction of the new affordability calculator follows the later life lender’s launch of its in-house mortgage origination platform, incorporating a decision in principle (DIP) capability.
“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,” said Leon Diamond (pictured), chief executive and founder of LiveMore. “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.”
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