LiveMore has built and launched a new affordability calculator which accurately provides the maximum amount of borrowing available on all of its later life lending product types on one visual display.

The new calculator follows on from LiveMore’s new decision in principle (DIP) via its new in-house built mortgage origination platform.

To make the process easier for brokers, the affordability calculator sits on the LiveMore website, meaning that brokers do not need to register to the broker portal to use it.

By keying in answers to a few simple questions such as postcode, property value, customer age and incomes including current and future pensions, the affordability calculator will return results immediately.

At a glance, brokers can see how much can be borrowed on all later life lending options of retirement interest-only, standard interest-only, capital and repayment, and lifetime mortgages.

The affordability calculator allows intermediaries and customers to test different scenarios which are saved anonymously in the background. Each saved calculation has a code which can be used if the broker wishes to proceed with an application via LiveMore’s broker portal. This saves the broker time as no rekeying of information is needed.

Chief executive officer and founder of LiveMore, said: “Technology plays a crucial role in a Consumer Duty world for later life lending so building our own systems in-house enables us to move fast and create great experiences for intermediaries.

“Our new affordability calculator is a prime example. It is unique as we can compare the amount that can be borrowed on standard mortgages with a lifetime mortgage on one screen. Consumer Duty emphasises how important it is to provide clients with accurate information on how much they can borrow via a range of different products.

“We continue to work on further enhancements to our technology in order to bring certainty and peace of mind to intermediaries so they can give a smooth service to clients.”

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