LiveMore is increasing its procuration fee for intermediaries on its long-term fixed rate mortgage range for the 50-90+ age group.
The new Enhanced Procuration Fee is only available on LiveMore’s 20-year fixed rate and fixed for life mortgages and is 1.10% gross upfront, paid upon completion. This is on the proviso that the intermediary carries out an annual care call to check if their customer has any new circumstances or vulnerability.
The annual care call is carried out for either the lifetime of the loan or 15 years, whichever is shorter.
For LiveMore’s other fixed rate products of five, seven and 10 years the procuration fee remains at 0.55%.
Additionally, for these products, intermediaries can earn 0.13% with its Ongoing Procuration Fee, which is paid annually to intermediaries as long as the annual care call to the customer is made.
Alison Pallett (pictured), managing director of sales at LiveMore, said: “Our 20-year fixed rates and fixed for life products are unique in the over 50’s mortgage space and could be suitable for many in this age group.
“More people are opting for longer-term fixes and this is reflected in our new Enhanced Procuration Fee paying a generous 1.10%. We firmly believe that completion of the annual care call is a key component in early identification of vulnerable customers, ensuring that we achieve the best client outcome.
“We fully recognise the work intermediaries put in to give their customers the longer-term certainty and stability they require, so this Enhanced Procuration Fee is a small reward for their efforts.
The Enhanced Procuration Fee follows LiveMore’s recently announced reduced early repayment charges across its 10-year, 20-year and fixed for life mortgage products.
Pallett added: “The reduced ERCs makes these longer-term fixed rate mortgages even more attractive to borrowers knowing they are not tied in for the duration of the product. They also have peace of mind that their monthly mortgage payments won’t change, which is comforting when inflation is so high, and all other living costs are rising.”
