Pure Retirement has made its Classic Lifetime Mortgage range available to a wider section of the equity release market, with advisers able to access the products through equity release clubs AiR and Premier Equity Release club if they meet their qualifying criteria.
The Classic range allows customers to make 12 optional ERC-free repayments per year provided they don’t exceed 10% of the initial amount borrowed in a 12-month period.
Available to clients aged 55-84, the range has no upfront costs with free valuations and the option of no arrangement fee.
With an uncapped drawdown facility (subject to maximum LTV), customers can access funds to meet their needs, and downsizing protection is provided should they move to a smaller property in the future.
Early repayment charges are fixed and the Classic Range has a three-year window after the first applicant in a joint plan enters long term care or passes away in which the remaining party can repay the debt in full without incurring any early repayment charge.
Chris Flowers (pictured), head of intermediary sales at Pure Retirement, said: “It’s fantastic to be starting 2020 as we mean to go on by continuing to provide consumers with greater choice and possibilities when it comes to achieving the retirement they both desire and deserve.
“As the market has grown, those exploring equity release have increasingly been looking at products that not only have competitive rates but also offer flexibility and features too, and we firmly believe that our Classic range offers all of this.”