Pure Retirement has reintroduced its Heritage range of lifetime mortgages to the later life lending market, having pivoted the range to offer market-high LTVs for over-80 applicants.

Under the updated structure the product will now be available solely to those aged 80-85, with Heritage Special 1 offering 45% LTV on both joint and single life plans, Heritage Special 2 offering a 47.5% LTV to single life applicants, and Heritage Special 3 offer a 50% LTV, and again being available for single life applicants only. Interest rates start at 7.19% MER for Heritage Special 1, rising to 7.29% MER for Heritage Special 3.

The suite of Heritage products will lend against properties of at least £150,000, up to a maximum of £800,000. As part of the new plan’s criteria, studio flats will be accepted providing they exceed 30sqm and are within the M25, and will be subject to an LTV restriction of 85% compared to an equivalent house.

The maximum number of bedrooms accepted as standard has risen from 4 to 5, and from 6 to 7 for individual consideration, while the new plans will also allow lodgers and Airbnb occupiers, up to a maximum of two.

Brendan Gilligan (pictured), Pure Retirement’s head of products, said: “It’s no secret that the lifetime mortgage market has seen an increasingly diverse and varied customer base as part of its continued growth. As a result, it’s more important than ever to deliver product solutions that meet specific needs, and we’re pleased to be going some way towards that with our updated Heritage products.

“The new high-LTV structure means that those at the top end of the age bracket have more options when it comes to retirement planning, whether they’re looking at offering a living inheritance to their family, or undertaking home renovations to raise its value.”