LiveMore Capital has partnered with brokerage firm Specialist Mortgage Group (SMG) as part of the company’s plans to expand its market reach to borrowers aged 50 and over.
The new partnership will allow SMG brokers to recommend mortgage products specifically designed for borrowers aged 50-90+.
LiveMore’s approach to affordability considers all income, including pensions, investments, assets, savings, and buy-to-let income.
LiveMore Sales Manager Jon Sturgess says the company’s approach to underwriting “really means intermediaries will be able to offer more choice to their customers than ever before.”
Sturgess says: “For too long the mortgage market has been underserved for the older generation and we are able to fill a gap that gives the client and broker more opportunities to meet their needs.”
“Our ongoing breakthrough sourcing fees reward intermediaries while enabling them to create embedded value in their businesses and we are excited to have SMG on this journey,” he adds.
The proxy fee is 0.55% gross with the option of an annual surcharge of 0.13% gross for intermediaries who contact their clients annually with a customer service call.
Fees can be up to 15 years, but are only paid for the term of the loan with LiveMore.
SMG CEO Barney Drake comments, “The need for competitive end-of-life products continues to grow steadily and SMG wholeheartedly welcomes LiveMore on board.”
“In any crowded market, innovation through product and service design adds tremendous value, so I’m particularly excited about this new partnership,” adds Drake.