Pure Retirement today make their Classic Lifetime Mortgage range available to a wider section of the equity release market, with advisers able to access the products through major equity release clubs AiR and Premier Equity Release club if they meet their qualifying criteria.
The Classic range is designed to offer ultimate flexibility with customers able to make 12 optional ERC-free repayments per year provided they don’t exceed 10% of the initial amount borrowed in a 12 month period. Available to clients aged 55-84, it features some of the lowest lifetime mortgage rates on the market, and in addition customers also benefit from no upfront costs with free valuations and the option of no arrangement fee.
With an uncapped drawdown facility (subject to maximum LTV), customers can access funds to meet their needs, and downsizing protection is provided should they move to a smaller property in the future.
Early repayment charges are fixed to give clients peace of mind, and in keeping with the best plans in the marketplace the Classic Range has a three-year window after the first applicant in a joint plan enters long term care or passes away in which the remaining party can repay the debt in full without incurring any early repayment charge.
Speaking of these exciting developments, Head of Intermediary Sales Chris Flowers says "It’s fantastic to be starting 2020 as we mean to go on by continuing to provide consumers with greater choice and possibilities when it comes to achieving the retirement they both desire and deserve. As the market has grown, those exploring equity release have increasingly been looking at products that not only have competitive rates but also offer flexibility and features too, and we firmly believe that our Classic range offers all of this."
"Clients expect value and more flexibility from a Lifetime Mortgage nowadays. They want to take cash when it’s needed, yet be able to repay it without penalty when they need to. There’s also often the prospect of moving home and being able to clear the loan, in which case borrowers prefer the security of fixed ERCs, fearing being stung with a high penalty simply because their new home doesn’t meet with their lender’s approval. Evidently the team at Pure Retirement have realised this, creating a product range that provides an answer to the most common objections against Equity Release, and I expect that the Classic plans will satisfy the most demanding borrower." Simon Chalk, Later Living Now.
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