The firm said that the increase related to the amount that the broker originally requested, compared to the amount that the Matching Engine reveals that someone could borrow.
The first version of the engine was released in September and aims to help brokers “cut through the challenges and complexities surrounding the wide range of products available in the later life lending market”.
Brokers need to enter client details once and the engine will return all product options available, which include alternatives if the original product does not fit.
The engine will make a maximum borrowing calculation based on income and expenditure, and if the customer does not pass the affordability assessment for the original mortgage, it will counter-offer with a product from the lender’s portfolio of over 300 products.
The lender offers standard capital and interest, standard interest-only, retirement interest-only (RIO) and lifetime mortgages.
Livemore continued on to say that, since the launch of the counter-offer feature, the number of maximum borrowing calculations becoming mortgage applications has increased by a third.
There were also 41% more instances of brokers changing products during the maximum borrowing calculation stage when using the engine.
Chance to win a business development grant
To encourage brokers to discover the benefits of the engine, the lender is launching a monthly competition to win a £1,000 business development grant.
When brokers use the affordability calculator, they then submit the unique code to the lender, along with a few words on how they would use the grant to grow their later life business.
The broker with the “best single idea” will win the grant, and the competition will run until the end of the year.
Leon Diamond (pictured), 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.”
