Pure Retirement has announced a series of criteria enhancements to its Classic range of lifetime mortgages.

As part of the changes, properties that are partially used for small business activity, 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 will now be accepted.

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.

Pure’s Classic range recently saw widespread rate reductions, down to 5.94% MER.

Additionally, the range also offers a free Energy Performance Certificate to all customers on completion, in addition to the 21-day rate guarantee post-KFI, allowing applicants to secure a rate while they fully consider their options. Customers have the flexibility of making up to 12 optional ERC-free repayments per year, of up to 10% of the initial amount borrowed in a 12-month period.

Brendan Gilligan (pictured), the lender’s head of products, said: “While the wider landscape has undoubtedly presented some challenges within the later life lending sector, it’s great that product development continues.

“Our Classic range has always been built on a foundation of flexibility, so to be able to widen our criteria and make it available to yet more people as equity release continues to increasingly be seen as a mainstream retirement planning tool is incredibly gratifying.”