Pure Retirement expands lifetime mortgage distribution

The Classic range allows borrowers 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.

The product is available to clients aged 55-84 with no upfront costs, a free valuation, and the option of no arrangement fee.

The range also offers an uncapped drawdown facility (subject to maximum LTV), downsizing protection, and fixed early repayment charges.

Additionally, 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.

Head of intermediary sales, Chris Flowers, 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."