The opportunity to free up the equity in your home has been opened up to more people, including those living in ex-local authority houses, following the launch of a new product range by Leeds-based equity release provider Pure Retirement.
The company has introduced the Sovereign range to meet the record levels of demand for equity release, with £11m of the equity in property now being released daily to fund retirement, and to enable those previously precluded from borrowing against their homes to be able to free up the equity without having to move.
In addition to ex-council homes, flat roofed houses and those with privately owned solar panels are now eligible, as are flats and maisonettes.
The new product, which is open to people aged 55 and over, offers equity release options to owners of homes worth over £70,000 and caters for caters for the changes of circumstances that customers' might experience over the duration of the lifetime mortgage, including provision for long term care and downsizing, to ensure customers' needs continue to be met throughout the loan period.
Established in 2014, Pure Retirement was the top of this year's list of fastest growing businesses in Yorkshire as compiled by law firm Ward Haddaway.
Commenting on the launch of the Sovereign range, CEO of Pure Retirement, Paul Carter, said,
"Our customers' lives don't stand still, so neither should we. I'm therefore extremely proud that Pure Retirement continues to adapt and innovate to enable more people, who don't want to move home, to be able to free up the cash in their property."
Chairman of Pure Retirement, Andrew Thirkill added,
"It's an exciting time for the wider later-life lending market, and the recognition we have gained through numerous awards, as well as the excellent growth we have enjoyed, is down to an experienced and knowledgeable team who continue to provide products which people want."
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