LiveMore’s mortgage Matching Engine boosts borrowing

New data reveals that intermediaries using LiveMore’s Matching Engine secure a 41 per cent uplift in the loan amounts they can offer their over-50s clients.

The uplift relates to the amount a broker originally requested, compared to the amount the Matching Engine revealed the client could actually borrow.

LiveMore, the mortgage lender for people aged 50 to 90 plus, first launched its Matching Engine in mid-September 2023. It was developed to make it easier for intermediaries to cut through the challenges and complexities surrounding the wide range of products available in the later life lending market.

Advisers only need to enter their client’s details once and the Matching Engine will return all product options available, including potential alternatives if the original product doesn’t quite fit.

The Matching Engine makes a maximum borrowing calculation based on the client’s income and expenditure details. If the client does not pass the affordability assessment for the original mortgage, the Matching Engine will counter-offer from within LiveMore’s portfolio of more than 300 products across standard capital and interest, standard interest only, retirement interest only (RIO) and lifetime mortgages.

Since the launch of the counter-offer feature in mid-September 2023, LiveMore has experienced a 33 per cent uplift in the number of maximum borrowing calculations successfully becoming mortgage applications. LiveMore also saw 41 per cent more instances of brokers changing products during the Maximum Borrowing Calculator (MBC) stage when using the Matching Engine.

LiveMore views technology as a key part of its strategy to support both intermediaries and consumers.

Leon Diamond, 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.”

The Matching Engine also incorporates an affordability calculator that converts to a fast Decision in Principle (DiP).

Launch of £1000 business development grant

To encourage intermediaries to discover the benefits of the Matching Engine, this week LiveMore is also launching a monthly competition to win a £1000 business development grant.

Intermediaries who use the affordability calculator, simply enter a few key details to see how much their client can borrow. They then submit their unique code to LiveMore along with a few words on how they would use the grant to grow their later life broker business.

Each month, LiveMore will award a grant to the intermediary with the best single idea. The competition will run to the end of 2024. Terms and conditions apply.