Heritage Freedom range offers up to 40% repayments each year without an early repayment charge
Lifetime mortgage lender Pure Retirement has reintroduced its Heritage Freedom range, enabling customers to repay up to 20% or 40% of their loan each year without an early repayment charge (ERC).
The range is available to applicants from age 55 to 80 and offers up to 37% loan-to-value (LTV) depending on age. Minimum property value starts at just £70,000 with no maximum property value.
Loans, available from £10,000 up to £800,000, can be taken as either lump sum or with a drawdown facility.
According to Pure Retirement, the Heritage Freedom range was designed to meet the needs of lifetime mortgage customers who expected to receive a larger cash payment, perhaps from an inheritance, a family member, investment, or pension, and wish to use this to reduce the cost of their lifetime mortgage.
The lender added that as the range allowed up to 12 optional repayments per year, it was ideal for customers who prefer to set up a regular monthly payment and reduce the impact of interest roll up.
“Pure Retirement continues to lead the later life lending market through product innovation, new technology, and delivering great service,” commented Chris Buchanan (pictured), head of product at Pure Retirement.
“Our Freedom 20 and Freedom 40 products have been designed to give customers greater flexibility when it comes to making optional repayments, giving them the ability to repay more without an early repayment charge.
“We’re really excited to be reintroducing the range to the market and underlining our commitment to product innovation.”