Its range of fixed rate term interest-only mortgages becomes available to more than 1,600 brokers
Aiming to grow its distribution, LiveMore has partnered with Mortgage Advice Bureau, making its term interest-only products available to more than 1,600 brokers.
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 five, seven, 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.
Alison Pallett, managing director of sales at LiveMore, said that as Mortgage Advice Bureau is one of the largest brokerage firms, it’s great news that its intermediaries can now access Livemore’s range.
“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,” Pallett explained.
Brian Murphy, head of lending at Mortgage Advice Bureau, said they were 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,” Murphy remarked.