LiveMore Capital has partnered with brokerage Specialist Mortgage Group (SMG) as part of the company’s plans to broaden its market reach to borrowers aged 50 and over. 

The new partnership will allow SMG’s brokers to recommend mortgage products that are specifically designed for borrowers aged 50 to 90 and over. 

LiveMore’s approach to affordability takes into consideration all income including pensions, investments, assets, savings, and buy-to-let income. 

LiveMore sales director Jon Sturgess explains the company’s approach to underwriting “really does mean that intermediaries will be able to offer more choice to their customers than has previously been available”.

Sturgess says: “For too long the mortgage market has been underserved for the older generation and we are able to plug a gap which gives the customer and broker more opportunities to meet their needs.”

“Our revolutionary ongoing procuration fee rewards intermediaries whilst enabling them to build embedded value in their businesses and we are excited that SMG is going to be a part of this journey,” he adds. 

The procuration fee is 0.55% gross with the option of an additional annual 0.13% gross for intermediaries who contact their clients each year with a customer care call. 

The fee can be for up to 15 years but is only paid for the time the loan is with LiveMore. 

SMG chief executive officer Barney Drake comments: “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,” Drake adds.