Pure Retirement has made changes to its Sovereign range, providing ERC-free repayment opportunities and a Direct Debit facility to customers.
This means that all Pure’s products allow the ability to make ERC free optional repayments.
Under the new developments, customers will be able to make up to 12 ERC-free repayments over a 12-month period, where the total repaid within that period doesn’t exceed 10% of the full amount borrowed. Minimum partial repayments will be £50 in each instance, with a minimum outstanding balance of £1,000 to remain after repayments have been made.
The direct debit facility enables regular monthly repayments with minimal effort, negating the need for customers to arrange payments every month.
Brendan Gilligan (pictured), head of product at Pure Retirement, said: “In an age where customers are increasingly looking for flexible retirement solutions that can evolve with their circumstances, it’s gratifying to be able to offer ERC-free partial repayments on all of our products, and to widen the facility of direct debits, following the successful roll-out on Classic products earlier this year.
“The ability to make no-obligation monthly payments via direct debit provides a great option for customers wanting to reduce the impact of roll up interest and it means the Sovereign range should be considered as a real alternative to a traditional or RIO mortgage.”
The Sovereign range is available to applicants aged 55-90 (85 in the case of Elite products) who reside in England, Wales and mainland Scotland, with a property of at least £70,000 (with no maximum property value). The standard Sovereign range offers loan values from £10,000 up to £725,000, while the Elite products for those with high-value properties, offers loan values ranging between £725,001 and £1m.
The Sovereign range offers products with up to 3% cashback, with the maximum LTVs of up to 52.0% on standard products, and 38.5% on Elite products.