"As well as making everyone’s lives easier, the alternatives presented in the counter-offer feature delivers a big tick in the box for providing a fully compliant record of product selection."
- Leon Diamond, chief executive and founder of LiveMore
Intermediaries using LiveMore’s Matching Engine are securing a 41% uplift in the loan amounts they can offer their over-50s clients, data from the lender shows.
The uplift relates to the amount a broker originally requested, compared to the amount the Matching Engine revealed the client could actually borrow.
LiveMore launched its Matching Engine in September 2023. It was developed to make it easier for intermediaries to cut through the challenges and complexities surrounding the wide range of products available in the later life lending market.
Advisers can enter their client’s details and the Matching Engine will return all product options available, including potential alternatives if the original product doesn’t fit.
The Matching Engine makes a maximum borrowing calculation based on the client’s income and expenditure details. If the client does not pass the affordability assessment for the original mortgage, the Matching Engine will counter-offer from within LiveMore’s portfolio of more than 300 products across standard capital and interest, standard interest only, retirement interest-only (RIO) and lifetime mortgages.
Since the launch of the counter-offer feature in mid-September 2023, LiveMore says it has experienced a 33% uplift in the number of maximum borrowing calculations successfully becoming mortgage applications. LiveMore also saw 41% more instances of brokers changing products during the Maximum Borrowing Calculator (MBC) stage when using the Matching Engine.
The Matching Engine also incorporates an affordability calculator that converts to a fast Decision in Principle.
£1,000 business development grant for brokers
To encourage intermediaries to discover the benefits of the Matching Engine, LiveMore is launching a monthly competition to win a £1,000 business development grant.
Intermediaries who use the affordability calculator can enter a few key details to see how much their client can borrow. They then submit their unique code to LiveMore along with a few words on how they would use the grant to grow their later life broker business.
Each month, LiveMore will award a grant to the intermediary with the best idea. The competition will run to the end of 2024.
Leon Diamond, chief executive and founder of LiveMore, said: “Intermediaries with all kinds of backgrounds in the industry are struggling with the complexities of later life lending. This technology cuts through all that, giving brokers the full picture so they can confidently advise their clients.
“As well as making everyone’s lives easier, the alternatives presented in the counter-offer feature delivers a big tick in the box for providing a fully compliant record of product selection.”
