Pure Retirement has lifted loan-to-value ratios on one of its equity release ranges on new initial advances and further advance borrowing.
The lender says its Classic lifetime mortgages now allow an applicant aged 70 can access LTVs up to 38% (up 2%), and applicants from 80 can access LTVs up to 48% (also, up 2%).
These loans carry no upfront fees, no arrangement fees and come with free valuations.
The firm adds that for existing Classic customers, arrangement fees on new further advances have been scrapped and customers can also access further advances at up to 90 years of age for the youngest borrower — providing completion occurs on or before age 89 years plus 364 days.
Pure Retirement head of product Chris Buchanan says: “Our Classic product has consistently been a leading lifetime mortgage solution, and the increased LTVs available, up to 48%, will open up the Classic product to more people and provide them greater choice and value following our recent decision to remove the arrangement fee across the range.”
