New equity release lender Pure Retirement launches

The plan, a high LTV lifetime drawdown scheme, is available to retirees over the age of 70. LTV ratios begin at 36% rising to 45% at age 78, after which ratios are capped with no upper age limit.

Features of the plan include; no medical requirements, a fixed interest rate for life, no maximum LTV and properties over £1m in value will be accepted. For loans over £45,000 there is no arrangement fee and Pure Retirement will contribute £600 to clients' solicitors fees and £500 to adviser fees.

Pure Retirement is also offering free or refunded valuations.

Paul Carter, managing director of Pure Retirement, said:

"We are immensely proud to be the first new provider to enter the market for more than three years and we are all hugely excited at the path lying before us in the months and years ahead.

"We anticipate that our launch will open the door for more prospective providers which in turn will ensure the sustained health and growth of the equity release market."