LiveMore Capital

Unique

-We’re the only lender to focus solely on Interest-Only laterlife lending.

-We make mortgages accessible to this market.

Meeting needs

-Two customer groups are majorly under-served – those in interest-only mortgages with no repayment plan; mortgage prisoners who can’t meet affordability criteria. We give these groups viable, affordable options and treat them fairly. 32% of customers we help are in these groups

-We have a wider range of fixed interest-only mortgages than any other Interest-Only laterlife lender, with 149 products launched.

-We offer one of the highest  loan to values (LTV): 75%.

-Products include 5-, 7-, 10-, 20-year and fixed-for-life.

-We’re the only lender to allow brokers to use term assurance policies to bridge an affordability gap: enabling us to help 36% more borrowers.

Vulnerable customers

-60% of over 55s could be vulnerable customers (VCs): we focus on providing extra support.

-We identify vulnerability at outset, and developed a portal for brokers to flag new vulnerabilities throughout the mortgage – taking 2 minutes to complete.

-This leverages the close broker/customer relationship.

-We’re the only laterlife lender to remunerate brokers for identifying vulnerability with ongoing commission up to 15 years after completion: investing in brokers looking after clients.

-We identified 8% of our clients are vulnerable: all are supported.

-We have extensive measures to support vulnerability, including payment breaks which don’t adversely affect credit rating (unlike others).

Diversity

-We support diversity – throughout our organisation, and for clients/products.

-25% of our leadership is female (industry average is circa 20%).

-35% of customers are single women. In their lifetimes, as single women, they wouldn’t have been able to get a mortgage. We educate the market on what’s available/make it accessible.

-Average age of our customers is 69, the oldest are both women: 87 and 92.

Raising standards

-We work with 2,200+ brokers, 24 out of the 27 largest networks, 11 major clubs.

-We developed a maximum borrowing calculator. In under 10-minutes brokers easily work out how much clients can borrow.

-We’re committed to raising standards/improving understanding.

-We developed profiles of potential customers to show brokers who our mortgages are applicable for, including first-time borrowers, through to those with diverse income streams, eg rental properties/investments/pensions to those who thought equity release was their only option. This increases awareness of potential.

-We delivered 170 broker training sessions, 25 webinars, 560 social media posts – to educate brokers on this market/what’s possible.

-Our proposition & company is aligned with ESG goals outlined by UN sustainable finance framework: supporting financial/social inclusion by enabling home-ownership among older people.

Results

-From a standing start at launch in September 2020 we’ve delivered fantastic results in a developing market.

-£40m value of completions.

-200 mortgages arranged.

-70% re-mortgages, 30% purchase.

-Average value £200k.

-Average 2-day review on all applications.

-Average application-to-offer just 22 days: excellent in specialist lending where we collect/process more data.

Feedback

-100% of clients say our service exceeded expectations.

-100% would recommend us.

-Our product, service, and support for clients/brokers in laterlife is excellent.