Lifetime mortgage lender Pure Retirement has made further improvements to its Heritage range.

Its Special 3 product will offer up to 40% LTV at age 70, and 50.5% from age 80. In addition to the higher LTVs, the product is now available to applicants aged 60 and above, and on both single and joint life basis.

The lender has also moved to improve the value proposition on its core Heritage range by removing arrangement fees across its standard products (excluding Heritage Freedom).

Alongside its core Heritage offering, including the newly-enhanced Special 3, Pure Retirement continue to offer its Heritage Freedom products, where customers will be able to repay up to 20% or 40% of their loan each year ERC-free, depending on the product selected. 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.

Chris Buchanan (pictured), Pure’s head of product, said: “I’m pleased that Pure Retirement can now offer a tangible alternative in the higher LTV lifetime mortgage market. The combination of our higher LTVs, removal of the arrangement fee across the standard Heritage range and our market leading service will be a compelling proposition for advisers.

“In addition, reducing the minimum age and opening up to joint life will help to make the higher LTVs more accessible for clients.”