LiveMore has introduced a ‘counter-offer’ feature on its later life platform in a bid to make sourcing products easier for brokers.
As part of the feature, brokers only need to key their client’s details once and LiveMore will return not only all product options available, but potential alternative options if the original product does not fit.
When receiving applicant details, including the client’s income and expenditure, a maximum borrowing calculation is made.
If the client does not pass the affordability assessment for the originally chosen mortgage, the system finds counter-offers within LiveMore’s range of products.
The feature was introduced to ensure the broker can take alternative options back to the borrower without the need to restart the application.
It followed the Financial Conduct Authority’s (FCA) recent review into the lifetime mortgage sector, which was critical of some of the advice given to consumers as options were often not explored.
Leon Diamond, CEO and founder of LiveMore, said: “The FCA has been clear that borrowers over 50 aren’t being given great advice. We believe technology is key to enabling brokers to give better advice to their clients.
“We’re always listening to brokers, and we often hear they aren’t always confident in placing later life cases.
“In response, we’re building a holistic platform to take away the stress of placing cases for borrowers aged 50 to 90+.”
He added: “When using LiveMore’s platform, brokers only have to key their clients details once.
“In exchange, we’ll show them every available product, from capital and repayment to interest only through to equity release.
“With ‘counter-offer’, we go one step further and show alternative options that may work for the borrower, giving the broker a full picture to confidently go back to their client.”
