Pure Retirement are pleased to announce the further distribution expansion of their Classic lifetime mortgage range, with the addition of a further 300 firms. The move underlines the company's ongoing commitment to providing innovative and flexible product solutions to as many people exploring equity release as a retirement solution as possible. It follows on from multiple distribution expansions in 2020, which meant advisers were able to access the products through major equity release clubs Advise Wise, AiR, and Premier Equity Release Club if they meet their qualifying criteria.
The Classic range features some of the market's most competitive rates, starting at 2.75% AER, and has recently benefited from a move to a flexible pricing structure. The change has resulted in the streamlining of the range from 12 LTV levels to 4, and provides customers with a personalised interest rate that is contingent on several factors including age, loan amount, property type and postcode. This ultimately allows for more competitive pricing and lower cost of borrowing for customers, and additionally encourages responsible borrowing by promoting the option to borrow for specific amounts rather than the maximum available within their LTV bracket or property value.
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 a 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 for joint plans there's a three-year window after the first applicant 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 developments, Head of Intermediary Sales Chris Flowers says, “As a lender we feel that we've a duty to make sure that we're not only creating market-leading products with unparalleled flexibility and which benefit from being created with a customer-focused mindset, but also a duty to make them available to as many people as possible. With enhancements coming on stream across all of our ranges in the past month or so (including ERC-free partial repayments across all of our products), we're now committed to ensuring they're accessible to as much of the market as possible, and this distribution widening - the third in under 18 months - is testament to that.”
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