Pure Retirement has announced further LTV reintroductions and criteria improvements across its Heritage range, including Heritage Freedom.

Under the latest changes, the higher LTV Super Max Plus and Supreme products have been reintroduced for applicants from age 55, allowing LTVs of up to 43% and 46% respectively. Additionally, the Heritage Special 1 and 2 products are now available to more customers with a lower minimum age of 60, and with Heritage Special 2 now also allowing joint life applications. A maximum LTV of 50% is available on the Heritage Special 3 product.

The lifetime mortgage lender has also extended the Heritage Freedom products to applicants aged up to 85. Freedom customers will be able to repay up to 20% or 40% of their loan each year ERC-free, depending on the product selected.

Reintroduced earlier this year, Heritage Freedom meets the needs of lifetime mortgage customers who expect to receive a larger cash payment, perhaps from an inheritance, a family member, investment, or pension, and wish to use this to reduce the cost of their lifetime mortgage. The Heritage Freedom range allows up to 12 optional repayments per year, making it ideal for those customers who prefer to set up a regular monthly payment and reduce the impact of interest roll up.

Heritage minimum property values start at just £70,000 with no maximum property value. Loans are available from £10,000 up to £800,000, and can be taken as either lump sum or with a drawdown facility.

Chris Buchanan (pictured), Pure Retirement’s head of product, said: “It’s great to be able to continue our commitment to product development right through to the end of the year. These latest changes further expand our offering, thanks to higher LTVs and allowing more customers to benefit from Heritage, with reduced minimum ages and increased maximum ages.

“We hope that these latest developments will give advisers additional confidence and contribute to a stronger market in 2024.”