Pure Retirement has refreshed its Emerald range of lifetime mortgages, designed to offer consumers greater choice through new features, increased LTVs, and criteria improvements, in addition to lower pricing across the range.

The updated Emerald range has been redesigned with a new drawdown facility, featuring a minimum drawdown of £500, increased LTVs up to a maximum of 47%, and the removal of arrangement fees on both initial and further advance borrowing. Free valuations will continue to apply across the range.

Emerald now includes additional flexibility with fixed early repayment charges (ERCs) for seven years and with annual ERC-free optional partial repayments up to 12%.

Emerald also benefits from criteria improvements, with the maximum age increasing to 90 years old (89 +364 days on completion), the maximum initial advance increasing to £1.5m, and a more flexible approach to lending criteria which includes lending on flats and maisonettes.

Chris Buchanan, Pure Retirement’s head of product, said: “We have redesigned the Emerald range from the ground up and the new product offers greater flexibility and at lower pricing. In particular, Emerald will appeal to those looking for shorter early repayment charges, seeking more flexibility in lending criteria and at a competitive interest rate, with no upfront fees.”