The intermediary needs to carry out an annual care call to their customer
Mortgage lender LiveMore has increased its procuration fee for intermediaries on its long-term fixed rate mortgage range for the 50- to 90-plus age group.
The new enhanced procuration fee is only available on LiveMore’s 20-year fixed rate and fixed for life mortgages and is 1.10% gross upfront, paid upon completion.
This can be ascertained provided that the intermediary carries out an annual care call to check if their customer has any new circumstances or vulnerability. The annual care call is carried out for either the lifetime of the loan or 15 years, whichever is shorter.
For LiveMore’s other fixed rate products of five-, seven-, and 10 years. the procuration fee remains at 0.55%. Additionally, for these products, intermediaries can earn 0.13% with its unique ongoing procuration fee, which is paid annually to intermediaries as long as the annual care call to the customer is made.
Alison Pallett (pictured), managing director of sales at LiveMore, said that completion of the annual care call is a key component in early identification of vulnerable customers, ensuring that they achieve the best client outcome.
“We fully recognise the work intermediaries put in to give their customers the longer-term certainty and stability they require, so this enhanced procuration fee is a small reward for their efforts,” she added.
The enhanced procuration fee follows swiftly behind LiveMore’s recently announced reduced early repayment charges across its 10-year, 20-year and fixed-for-life mortgage products.
Read more: LiveMore shortens ERCs on long-term fixes.
“The reduced ERCs makes these longer-term fixed rate mortgages even more attractive to borrowers knowing they are not tied in for the duration of the product. They also have peace of mind that their monthly mortgage payments won’t change, which is comforting when inflation is so high, and all other living costs are rising,” Pallett commented.
