Pure Retirement has launched a Heritage range of products, which offer repayment flexibility.
Heritage offers ERC-free partial repayments across all of its products, allowing up to six payments per 12 months and allowing up to 10% of the advance to be paid over the same period.
Brendan Gilligan, Pure Retirement’s head of product delivery, said: “We are seeing more demand in the market for plans that provide customers with the option to make voluntary payments, allowing them to service interest and protect equity in their home.
“Adding these new customer friendly features to our already wide product range provides brokers with more options to help them meet the needs of their customers, and we’re confident that the Heritage range acts as a great companion to last year’s Sovereign range in offering customers’ flexibility in their retirement.”
Paul Carter, Pure’s chief executive, added: “As a lender it’s important that we continue delivering products that allow people seeking equity release solutions to enjoy their retirement in whatever way they see fit.
“In Heritage I’ve little doubt that we’ve created something that fulfils that brief, with a range of options and flexibilities which should enable our customers to manage their plans should their circumstances change over its duration.”
In addition, Heritage follows last year’s Sovereign range in offering ERC-free full repayment of joint plans within three years of one borrower passing away or entering into long-term care.
Open to those aged 60 and above, the Heritage range accepts properties valued at £70,000 and above (or £100,000 and above if ex-council or ex-MOD, with no maximum value cap.
Minimum initial release is set at £10,000 with total cash facilities available up to £600,000 for those living in England and £250,000 for those in Scotland and Wales.