LiveMore partners with Mortgage Advice Bureau

LiveMore has continued to grow its distribution by partnering 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 (TIO).

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 loan-top-values (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.

This is unusual in the mainstream mortgage market but as long as the borrower can show affordability to make the monthly payments, LiveMore is happy to lend.

LiveMore’s managing director of sales Alison Pallett (pictured) 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 TIOs.

“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, added: “Mortgage Advice Bureau is delighted to be partnering with LiveMore, specifically in having access to their Term Interest Only (TIO) 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.”

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