Later life lender has launched an affordability calculator which provides the maximum amount of borrowing on all its product types in one visual display.
LiveMore recently launched automated decisions in principle (DIPs) via its new in-house mortgage origination platform.
The calculator sits on the lender’s website, so brokers do not need to register to the broker portal.
Users can key in data such as postcode, property value, customer age and income, and the affordability will return results immediately.
The affordability calculator 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.
Leon Diamond, CEO and founder of LiveMore, said: “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.”
