This will allow SMG’s brokers to recommend Livemore’s mortgage products specifically designed for underserved borrowers aged 50 to 90+. This includes its interest-only and retirement interest-only range.
Livemore’s approach to affordability considers all income including pensions, investments, assets, savings and buy-to-let income.
Jon Sturgess, sales director at Livemore, said: “Working with SMG gives us a fantastic platform to showcase our products and proposition. Our fresh look at affordability and flexible approach to underwriting means that intermediaries will be able to offer more choice to their customers than has previously been available.
“The mortgage market has been underserving the older generation for too long, but we can plug that gap.
“Our ongoing procuration fee rewards intermediaries and we are excited that SMG is going to be part of this journey.”
The procuration fee is 0.55 per cent gross with the option of an additional annual 0.13 per cent gross for intermediaries who contact their clients each year with a customer care call. This can be for up to 15 years but is only paid for the time the loan is with Livemore.
Barney Drake, CEO at Specialist Mortgage Group, added: “The need for competitive products for those in their later years continues to have steady growth and SMG wholeheartedly welcomes Livemore onboard.
“In any crowded market, innovation delivered through product and service design adds tremendous value, so I am particularly excited about this new partnership.”