Our Director of Sales, Alison Pallett, gives her view on her own personal journey with LiveMore.
How we are helping to serve the current underserved section of the market
Why we are well placed to help later life borrowers via our brilliant partner network of intermediaries
On a personal level I was nervous about leaving an environment and group of colleagues that I knew so well – stepping outside that kind of comfort zone is scary! Suddenly you are starting afresh – unfamiliar systems, a completely different way of looking at things and lots of new relationships to build. Part of you is going “what was I thinking?!” but then you start to settle in and feel more at home – the anxiety becomes exhilaration.
I realised from the outset that I was taking on a tough challenge - the financial services market is hyper-competitive so any new lender will find it tough to get established. But then Covid came along and the small mountain I was climbing suddenly grew into an Everest!
Working from home, and adapting to a whole new approach, immediately became a necessity. Ironically this served me and the company well. Large and well-established organisations are very set in their ways and struggle to adapt when circumstances change. This was not a problem at LiveMore. We were pioneering a whole new concept and way of working so open-mindedness was natural for us – flexibility, agility and creativity were already in our DNA.
The Covid turmoil makes it easier for us to steal a march on the sluggish industry leaders. But that’s not all - their change-resistant mindset is actually the whole reason for our existence.
For many years the large lenders have been ignoring what has been happening in the 55+ section of the mortgage market. Many of these borrowers are coming to the end of interest-only deals with no provision for paying off the outstanding capital balance. They’re realising that the main lenders are being less than helpful and the options are unattractive. Other older homeowners may not be in this bind but would like to find a way reduce their repayments and enjoy a better lifestyle in retirement or help their children out. Again, the big lenders are not in a hurry to help.
Over recent months I’ve been talking to a huge variety of intermediaries about these issues – and many have found that the current economic turmoil has focused their minds on how best to help such clients. Their feedback, and my own experience of moving from the mainstream market, all point in the same conclusion. There’s a massive need for innovation – and yet precious little to be found. Older borrowers are struggling with a combination of limited choices, product complexity and fragmented sources of information.
Borrowers at this stage of life, and the intermediaries trying to help them, are crying out for a provider that will properly address their needs and clearly explain how the products work. I’m therefore delighted to have made the move to LiveMore as the company is perfectly placed to help a huge number of people who deserve better.
Our distribution footprint is growing rapidly, and our profile is on the up
Along the way I’ve discovered that your existing relationships are worth their weight in gold (and then some!) when you take on something new – the best ones will continue even as you make fresh ones. One surprise is how swiftly one adapts to new situations – never underestimate your ability!
The hardest thing, with hindsight, is taking that initial step. I’ve grown into the role quicker than I expected and since June we’ve been delighted at the positive response from intermediaries and other institutions. Our distribution footprint is growing rapidly, and our profile is on the up. I’m lucky to work with a great group of people at LiveMore Capital - we all feel proud of what we have accomplished and more excited than ever about our next phase.