Pure Retirement has launched a new product suite called the Sovereign range.
Sovereign aims to offer “market-leading flexibility” without sacrificing high LTVs and service.
Open to applicants over 55, Sovereign offers both cashback and fee free options, and once the plan has been taken out provides a fixed-percentage ERC based on the initial amount borrowed rather than the current balance, with certain products’ ERCs ceasing altogether after eight years.
In addition, with downsizing, porting and long-term care increasingly proving a concern to customers, Sovereign offers a number of workable solutions to all of these eventualities. For instance, should a customer wish to move to a property deemed unsuitable for standard porting methods, then as long as they’ve had a Sovereign mortgage for at least five years the mortgage can be settled without any ERC penalties.
Similarly, if a joint mortgage has been taken out and one of the parties enters into long-term care or passes away there will be no ERCs applied if the mortgage is paid off within three years.
Property values range from a £70,000 minimum to £6,000,000 maximum and all standard construction type properties are accepted, even those with a 100% flat roof or those which have privately-owned solar panels. And flats, maisonettes and ex-council house owners can now enjoy the same great LTVs as those with larger properties.
Paul Carter (pictured), Pure Retirement’s CEO, said: “Our customers’ lives don’t stand still, and neither should we. I’ve long talked about the need to innovate both technologically and in terms of product offering, and the Sovereign range allows us to practice what we preach.
“It’s incredibly exciting to bring new product to the table that opens up equity release to more people than ever before thanks to its flexible approach to both personal circumstances and acceptable properties, and we hope that the market is as enthusiastic about it as we are.”