Advisers will only need to enter their client’s details once and the lender will return all the product options it offers including alternatives.
This will reduce the need for advisers to restart an application if another product is suitable.
The change follows the Financial Conduct Authority’s (FCA) review of the later life mortgage market which called for higher standards, including more consideration for alternative products for older borrowers.
Technology to enable better advice
Leon Diamond (pictured), 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 50-90+.”
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.”
