It also removes arrangement fees on selected products
Lifetime mortgage lender Pure Retirement has announced updates to its Heritage range of lifetime mortgages, with enhancements including increased loan-to-value (LTV) ratios and removal of arrangement fees.
The lender’s Special 3 product now offers up to 40% LTV for individuals aged 70, and 50.5% for those aged 80 and above. The product has also been made available to those aged 60 and over and is applicable for both single and joint life applications, broadening its accessibility for those seeking to finance their retirement.
To simplify the pricing structure for consumers, Pure Retirement has also eliminated arrangement fees on its standard Heritage products, with the exception of Heritage Freedom.
The lender continues to offer its Heritage Freedom products, alongside the further enhanced core Heritage range. These products allow customers to repay up to 20%, or 40% of their loan each year without incurring early repayment charges (ERCs).
“I’m pleased that Pure Retirement can now offer a tangible alternative in the higher LTV lifetime mortgage market,” said Chris Buchanan (pictured), head of product at Pure Retirement. “The combination of our higher LTVs, removal of the arrangement fee across the standard Heritage range and our market leading service will be a compelling proposition for advisers. In addition, reducing the minimum age and opening up to joint life will help to make the higher LTVs more accessible for clients.”
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