The change is part of a series of product improvements from the equity release specialist
Lifetime mortgage lender Pure Retirement has enhanced its Classic lifetime mortgages by increasing loan-to-value (LTV) ratios to up to 48% in its standard range.
The adjustment, the lender said, aims to boost the flexibility of the product and expand its accessibility to more homeowners seeking to unlock the equity in their properties. The increased LTVs apply to both new initial advances and further borrowing.
A 70-year-old applicant can now qualify for LTVs as high as 38%, while individuals aged 80 and above can access LTVs up to 48%.
The change is part of a series of recent improvements by Pure Retirement, which include the elimination of upfront fees such as arrangement fees and valuation charges for Classic lifetime mortgages.
Current Classic customers will also benefit from the removal of arrangement fees on new further advances. They are also eligible to request additional advances until the age of 90, provided that the completion occurs by the day before the youngest borrower turns 90.
“Our Classic product has consistently been a leading lifetime mortgage solution,” said Chris Buchanan (pictured), head of product at Pure Retirement. “The increased LTVs available, up to 48%, will open up the Classic product to more people and provide them greater choice and value following our recent decision to remove the arrangement fee across the range.”
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