The calculator will be on the lender’s website and cover all of its later life mortgage range. LiveMore said this would reduce the need for advisers to log in or register on the portal.
It also means advisers do not have to choose the product their client may be interested in as it reveals the borrowing capacity on all options including retirement interest-only, capital and repayment and lifetime mortgages.
Advisers will need to input a client’s postcode, property value, age and income to see the results.
Advisers and clients will also be able to test different scenarios using the calculator which can be saved anonymously in the background.
Each saved calculation will have a code that can be used if the adviser chooses to proceed with an application, meaning there is no need to rekey information.
LiveMore: Technology plays crucial role in Consumer Duty
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.”
He added: “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.”
