Pure Retirement introduces ERC-free repayments across entire range

Borrowers can now make up to twelve 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.

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. 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.

Head of product, Brendan Gilligan, commented: “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.”