Boost to Pure Retirement’s ‘Emerald’ Lifetime Mortgage Range

Pure Retirement, a key player in the UK’s financial services sector, has announced a significant overhaul of its popular Emerald lifetime mortgage range. This revamp brings a host of enhancements designed to attract a broader array of consumers seeking financial comfort in their retirement years.

One of the main changes in the Emerald range is the introduction of increased loan-to-value (LTV) ratios, which now reach up to a maximum of 47%. This adjustment means that retirees can borrow a larger portion of their home’s value, providing greater financial leverage.

Furthermore, Pure Retirement has removed the arrangement fees associated with both initial borrowing and subsequent advances. This move not only simplifies the process but also makes it more cost-effective for consumers. To sweeten the deal, the company continues to offer free valuations across the entire range, ensuring that the upfront costs remain minimal.

New Features for Flexible Financing

The revamped Emerald range now includes a new drawdown facility that allows customers to withdraw funds as needed, starting from a minimum of £500. This feature provides retirees with the flexibility to manage their finances according to their individual needs and circumstances.

Additionally, the product has introduced a fixed early repayment charge (ERC) period of only seven years. During this time, consumers can also make annual ERC-free partial repayments of up to 12% of the initial loan amount. This is particularly appealing for those who may come into unexpected funds and wish to reduce their debt without incurring penalties.

Expanded Eligibility and Higher Borrowing Limits

In a bid to accommodate a wider demographic, Pure Retirement has extended the maximum age for borrowers to 90 years old (89 years and 364 days at the time of loan completion). The maximum initial borrowing limit has also been raised to £1.5 million, making it an attractive option for those with more valuable properties or who require larger sums for their retirement plans.

Moreover, the Emerald range now offers a more inclusive approach to property types. The updated criteria now extend to lending on flats and maisonettes, which broadens the market reach and provides more opportunities for homeowners in various living situations.

Chris Buchanan, Head of Product at Pure, emphasised the comprehensive nature of the update. “We have redesigned the Emerald range from the ground up and the new product offers greater flexibility and at lower pricing,” he stated. Buchanan highlighted that these changes are particularly aimed at those seeking shorter early repayment charges and more adaptable lending criteria, all at a competitive interest rate and without any upfront fees.