Lifetime mortgage lender Pure Retirement has reported that over 5,000 customers register and interact with its online account management platform, MyPure.
The MyPure platform enables customers to self-manage a number of key elements of their lifetime mortgages.
The platform feeds into the lender’s commitment to meeting Consumer Duty outcomes – especially relating to consumer support, which explicitly mentions the need to ‘provide clients with self-service tools like online portals or mobile apps to manage their accounts and seek support.’
MyPure enables the lender’s customers to view their accounts, including both balances and transactions, and to download documents such as annual statements. Additionally, customers will be notified when new documents become available, and have the ability to complete their Certificate of Continuing Occupancy online.
Customers who have opted for a drawdown lifetime mortgage can apply for a cash release online, streamlining the process compared to postal methods, and additional queries will also be reduced as applicants are guided throughout the journey to ensure all necessary information is captured. Ad-hoc payments can be made via MyPure as an added convenience for plan holders, with the platform also enabling the set-up of recurring regular payments if customers so wish. MyPure additionally allows customers to send queries directly to Pure Retirement via the platform, as well as providing a library of useful documents, guides and FAQs.
Simon Hayton (pictured), Pure Retirement’s chief operating officer, said: “It’s incredibly gratifying to see the MyPure platform continuing to resonate with our customer base, and the number of registrations and interactions has only served to underline what an important tool customers view account self-management as in today’s modern financial landscape – whether insurance, traditional high street banking, or later life lending.
“We created it in recognition of an increasingly diverse and tech-savvy demographic, with additional considerations around Consumer Duty, empowering customers, and facilitating convenience. Seeing the continued strong take-up really validates our approach and affords us a really strong foundation on which to continue enhancing and developing MyPure going forward.”