This means that all the lender’s products now allow the ability to make ERC-free optional repayments.
Pure Retirement is offering early repayment charge (ERC) free repayment opportunities and a direct debit facility to customers accessing products within its Sovereign range.
This means that all the lender’s products now allow the ability to make ERC-free optional repayments.
Customers will be able to make up to 12 ERC-free repayments over a 12-month period, where the total repaid within that period doesn’t exceed 10% of the full amount borrowed.
Minimum partial repayments will be £50 in each instance, with a minimum outstanding balance of £1,000 to remain after repayments have been made.
The direct debit facility enables regular monthly repayments, negating the need for customers to arrange payments every month.
Brendan Gilligan, head of product at Pure Retirement, said: “In an age where customers are increasingly looking for flexible retirement solutions that can evolve with their circumstances.
“It is gratifying to be able to offer ERC-free partial repayments on all of our products, and to widen the facility of direct debits, following the successful roll-out on classic products earlier this year.
“The ability to make no-obligation monthly payments via direct debit provides a great option for customers wanting to reduce the impact of roll up interest and it means the Sovereign range should be considered as a real alternative to a traditional or RIO mortgage.”
