Pepper (UK) has been appointed by later life mortgage lender LiveMore Capital to provide end-to-end servicing for its portfolio of retirement interest-only (RIO) mortgages.

Pepper (UK) currently manages more than £16bn of assets for UK lenders; the servicing team will act as a white-label servicer for LiveMore Capital.

Livemore Capital launched as a specialist later life lender with a new product offering for customers aged 55 and over who want to release capital from their homes, can afford to make mortgage payments and would like to avoid a traditional equity release facility.

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Gerry McHugh (pictured), CEO of Pepper (UK), said: “We’re excited about our partnership with LiveMore Capital for a number of reasons.

“First, LiveMore Capital is an innovator in the lending space and aligns with our approach in bringing together traditional values and technical innovation to improve the customer experience.

“It is also our first client focusing solely on later life lending, which represents a new product discipline for Pepper (UK), and this is our first remote launch for a new client.

“This is particularly pleasing as it’s a clear demonstration of our ability to maintain focus on clients and customers and continue to grow our business by delivering a first-rate proposition, even amidst the challenges of COVID-19.”

Leon Diamond, CEO of LiveMore Capital, said: “Customer experience is an important consideration for any lender, and even more so when you are a new lender with an appetite to disrupt the market.

“So, it was important that we chose the right partner to deliver our customer experience, and I have every confidence that our relationship with Pepper (UK) will be a long and successful one.”