The heightened proc fee is available on the lender’s 20-year fixes and fixed for life mortgages only.
It is 1.1 per cent gross upfront, paid upon completion. It was previously 0.55 per cent.
The proc fee is also subject to the intermediary carrying out an annual care call to the customer to check if there are any new circumstances or vulnerability issues.
The call should be done for the lifetime of the loan or for 15 years, whichever is shorter.
The proc fee for LiveMore’s other fixed rate products, which are five, seven or 10-years long is still 0.55 per cent.
Intermediaries can earn an ongoing proc fee with these products, which is set at 0.13 per cent, and is paid annually to brokers as long as the annual care call to the customer is made.
Alison Pallett (pictured), managing director of sales at LiveMore, said its20-year fixed rates and fixed for life products were “unique” in the over-50s mortgage space and could be suitable for many.
She added: “More people are opting for longer-term fixes and this is reflected in our new enhanced procuration fee paying a generous 1.1 per cent. We firmly believe that completion of the annual care call is a key component in early identification of vulnerable customers, ensuring that we achieve the best client outcome.
“We fully recognise the work intermediaries put in to give their customers the longer-term certainty and stability they require, so this enhanced procuration fee is a small reward for their efforts.”
Pallett commented that the lowered early repayment charges, which the lender brought in earlier this year for these longer-term fixes, would make them “even more attractive to borrowers knowing they are not tied in for the duration of the product”.
“They also have peace of mind that their monthly mortgage payments won’t change, which is comforting when inflation is so high, and all other living costs are rising.”
Additionally, the lender has restructured its fees and ranges to enable double sells through a family, as well as partnered with Mortgage Advice Bureau and Specialist Mortgage Group
LiveMore also recently expanded into Scotland.
