New Pure Retirement range aims to open up later life lending

Published on

Pure Retirement has launched a new product suite called the Sovereign range.

Sovereign aims to offer “market-leading flexibility” without sacrificing high LTVs and service.

Open to applicants over 55, Sovereign offers both cashback and fee free options, and once the plan has been taken out provides a fixed-percentage ERC based on the initial amount borrowed rather than the current balance, with certain products’ ERCs ceasing altogether after eight years.

In addition, with downsizing, porting and long-term care increasingly proving a concern to customers, Sovereign offers a number of workable solutions to all of these eventualities. For instance, should a customer wish to move to a property deemed unsuitable for standard porting methods, then as long as they’ve had a Sovereign mortgage for at least five years the mortgage can be settled without any ERC penalties.

Similarly, if a joint mortgage has been taken out and one of the parties enters into long-term care or passes away there will be no ERCs applied if the mortgage is paid off within three years.

Property values range from a £70,000 minimum to £6,000,000 maximum and all standard construction type properties are accepted, even those with a 100% flat roof or those which have privately-owned solar panels. And flats, maisonettes and ex-council house owners can now enjoy the same great LTVs as those with larger properties.

Paul Carter (pictured), Pure Retirement’s CEO, said: “Our customers’ lives don’t stand still, and neither should we. I’ve long talked about the need to innovate both technologically and in terms of product offering, and the Sovereign range allows us to practice what we preach.

“It’s incredibly exciting to bring new product to the table that opens up equity release to more people than ever before thanks to its flexible approach to both personal circumstances and acceptable properties, and we hope that the market is as enthusiastic about it as we are.”

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

FCA warns of surge in impersonation scams as fraudsters target older victims

Almost 5,000 reports of fraudsters impersonating the Financial Conduct Authority (FCA) were made in...

AS Financial rebrands to showcase growth beyond mortgages

AS Financial, the London-based financial advisory firm, has unveiled a bold new brand identity...

Reward Funding passes lending milestone

Reward Funding has passed the £350m loan book milestone for the first time in...

London’s luxury lettings market surges 154% as wealthy tenants opt to rent

London’s prime lettings market has more than doubled in size during the first half...

3.3 million households locked out of home ownership

More than three million households have been priced out of home ownership since the...

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

Getting to know you: Mike Lawlor, Integrity Wealth Management

Name: Mike Lawlor Age: 48 Location: High Barnet Qualification Year: 2004 Firm: Integrity Wealth Management Specialty: Large loans Education: Politics...

FCA warns of surge in impersonation scams as fraudsters target older victims

Almost 5,000 reports of fraudsters impersonating the Financial Conduct Authority (FCA) were made in...

AS Financial rebrands to showcase growth beyond mortgages

AS Financial, the London-based financial advisory firm, has unveiled a bold new brand identity...