Pure Retirement has launched a flexible pricing methodology on its Classic lifetime mortgage product range.
Pure said the new approach will simplify the product selection process for brokers and allow customers to get personalised interest rates depending on their circumstances.
Personalised interest rates will be contingent on several factors including age, loan amount, property type and postcode.
The existing 12 loan-to-values (LTVs) in the Classic range will make way for just four product variants under the Classic Flex Pricing umbrella.
The four products will include a lump sum and drawdown version and two fee options as in the past, meaning customers can choose a fee-free version or one that come with a £500 arrangement fee.
The new pricing methodology will be fully integrated with the equity release sourcing platforms including Advise Wise, IRESS, and AiR, meaning brokers can continue to access the Classic range the same way they have always done.
Brendan Gilligan, head of product at Pure Retirement, said: “In a world where people are likely to be more cautious about making major financial decisions, we want to offer them a retirement solution that they know will be tailored to their bespoke needs and circumstances.
“Moving to a flexible pricing solution allows for better and more competitive rates for customers, and we’re delighted to be able to do so in a way that will be frictionless for brokers to utilise.”