Pure Retirement has reintroduced its heritage lifetime mortgages as a range solely for borrowers aged between 80 and 85.
This includes a product at 45 per cent loan to value (LTV) on both joint and single life plans, and another at 47.5 per cent LTV to single life applicants. There is also a deal at 50 per cent LTV for single life applicants only.
Rates begin at 7.19 per cent monthly equivalent rate (MER) for the first mortgage up to 7.29 per cent for the highest LTV offering.
Pure Retirement will lend against properties with a value of at least £150,000 up to £800,000. Studio flats will be approved as long as they are larger than 30sqm and within the M25. Loans on these properties will be subject to an LTV restriction of 85 per cent.
The lender has increased the maximum number of bedrooms it will accept from four to five as standard, and from six to seven for individual consideration. The new plans also allow up to two lodgers and Airbnb occupiers.
Brendan Gilligan (pictured), head of products at Pure Retirement, 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.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
