LiveMore has launched an affordability calculator, which it says accurately provides the maximum amount of borrowing available on its later life lending product types in a single display.  

The specialist lender says keying in answers to a few simple questions such as postcode, property value, customer age and income including current and future pensions, allows the calculator to return results immediately.  

It adds that users do not have to choose a product at this stage as the calculator will return how much can be borrowed on all of its later life loans, such as retirement interest-only, standard interest-only, capital and repayment as well as lifetime mortgages.  

The firm says the software “allows intermediaries and consumers to test different scenarios which are saved anonymously in the background.  

“Each saved calculation has a code that 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 required”.  

It points out that the calculator sits on LiveMore’s website so there is no need for intermediaries to register to the broker portal.  

LiveMore founder and chief executive Leon Diamond says: “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.”