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.”