Pure Retirement has launched a new flexible pricing methodology on its Classic lifetime mortgage product range.

The lender says it will simplify the product selection process for brokers and allow customers to get personalised interest rates depending on their circumstances.

Customers will receive a unique and personalised interest rate that is contingent on several factors including age, loan amount, property type and postcode.

The introduction of flexible pricing also heralds a simplification of the products within the Classic range, with the existing 12 LTVs making way for four product variants under the Classic Flex Pricing umbrella. The four products will include a Lump sum and Drawdown version and two fee options as in the past, meaning customers can choose a fee-free version or one that come with a £500 arrangement fee.

The new pricing methodology will be fully integrated with the major equity release sourcing platforms including Advise Wise, IRESS, and AiR.

All KFIs generated under the new approach will be valid for 21 days, protecting customers from any rate increases after receiving a quote, allowing time for them to look at their options before submitting an application.

The new flexible pricing method treats customers who are within 50 days of their next birthday as if they have already reached the milestone, potentially allowing them to borrow at a lower interest rate.

Brendan Gilligan (pictured), head of product at Pure Retirement, said: “In a world where people are likely to be more cautious about making major financial decisions, we want to offer them a retirement solution that they know will be tailored to their bespoke needs and circumstances.

“Moving to a flexible pricing solution allows for better and more competitive rates for customers, and we’re delighted to be able to do so in a way that will be frictionless for brokers to utilise.”