Press Releases

Pure Retirement Widen Distribution of Classic Lifetime Mortgage Range

17th January 2023

Pure Retirement are pleased to announce the widened distribution of its Classic range of lifetime mortgages, allowing yet more firms to be able to offer the suite of plans and continuing a consistent patterns of expanded distribution since 2020.

The range recently saw widespread rate reductions, culminating in a market-low of 5.94% MER. Additionally, the range has seen changes to its lending criteria, opening up its suitability to ever-more people in response to the equity release market's diversified customer profile.

As part of the changes, properties that are partially used for small business activity will now be accepted, providing there are no products or equipment stored at the property, the business use does not require structural alterations to the property, or result in a change in the stated planning use or business rates.

There is also wider acceptance regarding historic rent charges of up to £100, up from £25 (amounts over £100 are also able to be considered on a referral basis). Additionally, properties above commercial premises will now be considered in exceptional circumstances, such as in high-value areas where the commercial activity has no negative impact.

Flood risk determination has also been moved away from government zoning information, and will instead be subject to bespoke flood data checks for each property. Previously ruled out, unmade roads will also now be accepted subject to valuer's comments and providing it's a no-through road and is in reasonable condition.

Under its flexible pricing methodology, Pure's Classic range offers applicants a 21-day rate guarantee post-KFI, allowing them to secure a rate while they fully consider their options and, from last summer, the lender has offered a free Energy Performance Certificate to all customers on completion.

Speaking of the latest developments, Head of Distribution Scott Burman says: “While, thanks to prior distribution widening in recent years, a comprehensive proportion of the market has already enjoyed access to our Classic range, it's gratifying to continue that trajectory. Being able to offer sub-6% rates and ever-more flexible lending criteria in the current climate is something we're incredibly proud of, and we look forward to even more people being able to access this market-leading product.&dquo;

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