It reintroduces deals, lowers minimum age, and raises age cap
Lifetime mortgage lender Pure Retirement has unveiled additional loan-to-value (LTV) reintroductions and criteria enhancements for its Heritage range.
As part of the latest changes, the higher LTV Super Max Plus and Supreme products are once again available for applicants aged 55 and above, allowing LTVs of up to 43% and 46, respectively.
Furthermore, the Heritage Special 1 and 2 products are now accessible to more customers, with a reduced minimum age of 60. In addition, Heritage Special 2 now permits joint life applications, and the Heritage Special 3 product has a maximum LTV of 50%.
In an effort to cater to a wider demographic, Pure Retirement has also extended the Heritage Freedom products to applicants up to the age of 85. Freedom customers will have the flexibility to repay up to 20% or 40% of their loan annually, early repayment charge (ERC)-free, depending on the chosen product.
Reintroduced earlier this year, Heritage Freedom is designed to meet the needs of lifetime mortgage customers anticipating a substantial cash inflow, such as from inheritance, family contributions, investments, or pensions. This allows them to offset the cost of their lifetime mortgage effectively.
The Heritage Freedom range also accommodates up to 12 optional repayments per year, making it suitable for customers who prefer a regular monthly payment setup to mitigate the impact of interest roll up.
Starting at a minimum property value of £70,000 with no maximum property value, Heritage loans are available in the range of £10,000 to £800,000. Customers can opt for either a lump sum or a drawdown facility.
“It’s great to be able to continue our commitment to product development right through to the end of the year,” remarked Chris Buchanan (pictured), head of product at Pure Retirement. “These latest changes further expand our offering, thanks to higher LTVs and allowing more customers to benefit from Heritage, with reduced minimum ages and increased maximum ages.
“We hope that these latest developments will give advisers additional confidence and contribute to a stronger market in 2024.”
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