It enhances product features, increases LTVs, and improves accessibility
Lifetime mortgage lender Pure Retirement has announced significant updates to its Emerald range, introducing enhanced features, higher loan-to-value (LTV) ratios, and lower prices.
The revamped product line now includes a new drawdown facility with a minimum amount of £500 and increased maximum LTVs of up to 47%.
Arrangement fees have also been removed for both initial loans and subsequent advances, with free valuations continuing for all applications.
The improved Emerald range now offers fixed early repayment charges (ERCs) for a period of seven years, along with the option for borrowers to make annual ERC-free repayments up to 12% of the borrowed amount.
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In a move to increase accessibility, the criteria have also been adjusted to raise the maximum borrower age to 90 years (89 years and 364 days at completion), enhance the maximum initial loan to £1.5 million, and expand lending to include flats and maisonettes.
“We have redesigned the Emerald range from the ground up and the new product offers greater flexibility and at lower pricing,” said Chris Buchanan (pictured), head of product at Pure Retirement. “In particular, Emerald will appeal to those looking for shorter early repayment charges, seeking more flexibility in lending criteria and at a competitive interest rate, with no upfront fees.”
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