Pure Retirement has announced the reintroduction of its Heritage Freedom range, offering customers repayment flexibility.
Freedom customers will be able to repay up to 20% or 40% of their loan each year ERC-free, depending on the product selected.
Heritage Freedom is designed for lifetime mortgage customers who expect to receive a larger cash payment, perhaps from an inheritance, a family member, investment, or pension, and wish to use this to reduce the cost of their lifetime mortgage. The Heritage Freedom range allows up to 12 optional repayments per year, making it ideal for those customers who prefer to set up a regular monthly payment and reduce the impact of interest roll up.
The Heritage Freedom range is available to applicants from age 55 to age 80, and offers up to 37% LTV depending on age. Minimum property value starts at just £70,000 with no maximum property value. Loans are available from £10,000 up to £800,000 that can be taken as either lump sum or with a drawdown facility.
Chris Buchanan (pictured), Pure’s head of product, said: “Pure Retirement continues to lead the later life lending market through product innovation, new technology, and delivering great service. Our Freedom 20 and Freedom 40 products have been designed to give customers greater flexibility when it comes to making optional repayments, giving them the ability to repay more without an early repayment charge.
“We’re really excited to be reintroducing the range to the market and underlining our commitment to product innovation.”