Products are now available to applicants aged 80 to 85
Pure Retirement has reintroduced its Heritage range of lifetime mortgages to offer market-high loan-to-values (LTVs) for over-80 applicants.
Under the updated structure, the products are now available solely to those aged 80 to 85, with Heritage Special 1 offering 45% LTV on both joint and single life plans, and Heritage Special 2 and 3 offering 47.5% and 50% LTV respectively to single life applicants. Interest rates start at 7.19% MER for Heritage Special 1, rising to 7.29% MER for Heritage Special 3.
The suite of Heritage products will lend against properties of at least £150,000, up to a maximum of £800,000. As part of the new plan’s criteria, studio flats will be accepted providing they exceed 30 square metres and are within the M25. They are also subject to an LTV restriction of 85% compared to an equivalent house.
The maximum number of bedrooms accepted as standard has been raised from four to five, and from six to seven for individual consideration, while the new plans will also allow lodgers and Airbnb occupiers, up to a maximum of two.
The equity release specialist has also recently widened the distribution of its classic range of lifetime mortgages with rate reductions and lending criteria changes.
“It’s no secret that the lifetime mortgage market has seen an increasingly diverse and varied customer base as part of its continued growth,” Brendan Gilligan (pictured), head of products at Pure Retirement, said. “As a result, it’s more important than ever to deliver product solutions that meet specific needs, and we’re pleased to be going some way towards that with our updated Heritage products.
“The new high-LTV structure means that those at the top end of the age bracket have more options when it comes to retirement planning, whether they’re looking at offering a living inheritance to their family, or undertaking home renovations to raise its value.”
The full details of Pure Retirement’s Heritage range are available on its website.
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