Counter-offer capability provides brokers with choice by suggesting alternative options
Aiming to make sourcing later life products simpler for brokers, LiveMore has introduced ‘counter-offer’ to its platform.
Using the feature, brokers will only need to key their client’s details once, and LiveMore will return not only all product options available, but potential alternative options if the original product does not fit.
When receiving applicant details including the client’s income and expenditure details, a maximum borrowing calculation is made. If the client does not pass the affordability assessment for the originally chosen mortgage, the system finds counter-offers within LiveMore’s range of products.
The FCA’s recent review into the lifetime mortgage sector has uncovered shortcomings in the advice processes as options were often not explored, to the disadvantage of the consumer.
LiveMore believes that its counter-offer capability provides brokers with choice and fits well with Consumer Duty rules by suggesting alternative solutions.
“We’re always listening to brokers, and we often hear they aren’t always confident in placing later life cases,” stated Leon Diamond (pictured), chief executive and founder of LiveMore. “In response, we’re building a holistic platform to take away the stress of placing cases for borrowers aged 50 to 90-plus.
“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.”
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