LiveMore is boosting the procuration fee for brokers on its long-term fixed-rate mortgage range for the 50 to 90-plus age group.
The later life lender says its new procuration fee is only available on LiveMore’s 20-year fixed-rate and fixed-for-life mortgages and is worth 1.10% gross upfront, paid upon completion.
The firm adds that the payment “is on the proviso that the intermediary carries out an annual care call to check if their customer has any new circumstances or vulnerability”.
It adds that the annual care call should be carried out for either the lifetime of the loan or for 15 years, whichever is shorter.
The lender says that its other fixed-rate products of five, seven and 10 years the procuration fee remains at 0.55%. However, for these products, intermediaries can earn an extra 0.13% with their ongoing procuration fee, which is paid annually to intermediaries as long as they make an annual care call to the customer.
LiveMore managing director of sales Alison Pallett says: “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 the 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.”
Last month, the lender also shortened early repayment charges on its long-term fixed-rate mortgage range for the 50 to 90-plus age group.
These charges were shortened on its 10-year, 20-year and fixed-for-life products. Borrowers now have the option to end the mortgage early after five years with no penalty if their circumstances change, or they wish to refinance with another lender.
Pallett adds: “The reduced early repayment charges make 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.”
