Pure Retirement has made its Classic Lifetime Mortgage range available to a wider section of the equity release market.
The latest expansion follows on from the widened distribution in February this year, and advisers are now able to access the products through major equity release clubs Advise Wise, AiR and Premier Equity Release club if they meet the 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.
It is available to clients aged 55-84, and customers also benefit from 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.
For joint plans there is a three-year window after the first applicant 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, said: “The market has recently seen increased levels of activity, with consumer interest gradually returning as the world enters its new norm. With a predicted sharp rise in activity for the latter half of the year it’s more important than ever to be able to offer market-leading products, and widening the distribution of our Classic range underlines our commitment to that. It comes off the back of the launch of our Freedom 40 range earlier this year, further highlighting our dedication to continued development and innovation even in the most trying of circumstances.”
