2.35% MER equity release rate unveiled

Published on

Pure Retirement has made changes to the rates on its Sovereign products, resulting in what the later life lender claims is the “lowest-ever market rate” of 2.35% MER.

Available from age 55 and open to both single and joint lives applications, the product suite accepts properties from £70,000 with no maximum valuation cap.

In addition, Sovereign products continue to offer flexible property criteria, such as being able to accommodate 100% flat roofs.

Brendan Gilligan (pictured), head of products at Pure Retirement, said: “As a company committed to innovating and enhancing its products, it’s gratifying to be able to offer a new market low rate to consumers and continue to stand out in an increasingly competitive marketplace.

“While this new market low sits on a product best suited to those wanting to release a lower amount of equity from their homes, it nonetheless gives people options when it comes to retirement planning.

“While we’re undoubtedly proud to offer a new market-low rate, our focus as always is to offer products that can be tailored to customer needs, ensuring advisers can help their clients to find the right product for them.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Keystone reduces expat buy-to-let rates and adds new product

Keystone Property Finance has reduced rates across its expat buy-to-let range, cutting selected fixed...

Gatehouse cuts buy-to-let rental rates and eases paperwork

Gatehouse Bank has cut rental rates by 0.25% across its buy-to-let purchase plans for...

The Exeter: most consumers value advice when purchasing insurance

Almost two-thirds of consumers prefer to purchase insurance following professional advice, according to new...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Passing the affordability exam

As teachers and students of various ages have spent August nervously opening exam results...

Investors are changing their approach – and lenders should too

The buy-to-let market never stands still, but the pace of change in recent years...

Leasehold fees, specialists and the need to shop around

Leasehold properties account for around 20% of all dwellings in the UK, and while...

Other news

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...