Following broker feedback, Pure Retirement has made changes to its Heritage range, with the aim to open it up to as many potential customers as possible.
The Heritage Range will now be available from aged 55 for both single and joint lives (down from 60 and 75 respectively) which will widen the proposition to more customers exploring lifetime lending, the provider said.
In addition, Pure Retirement will be reducing rates to what it claims to be “market leading levels” for each of the respective LTV tiers and introducing a new low LTV product which will have the range’s lowest rate at 3.89% MER.
Pure Retirement will be offering two fee options: a Standard package which comes with a £600 legal fee contribution, and a Fees package which comes with 3% cashback for loans starting from £20,000, plus a £900 fee contribution.
Chris Flowers, head of intermediary sales, said: “We’re pleased to be able to continue to offer greater choice and flexibility to both our customers and our adviser network. We pride ourselves on offering market-leading products alongside an unrivalled level of support courtesy of the most comprehensive sales team in the equity release sector, and with the reduced ages opening up Heritage to an additional 55% of the market we’re excited that more customers than ever will be able to experience our market-leading service.”
Paul Carter (pictured), Pure Retirement CEO, added: “Pure Retirement is committed to providing tools to enhance the broker journey, we launched the first broker facing mobile app earlier this year and it’s important to keep developing and evolving what we offer to our customers in an increasingly competitive marketplace.
“These changes to our Heritage range not only allow us to do that but also give a clear statement of intent for the rest of the year and beyond.”