Pure Retirement has launched a range of lifetime mortgages that offer higher LTVs and give more flexibility to borrowers wishing to make repayments.

The Emerald range allows clients to pay back up to 12% of the initial loan amount each year without incurring an early repayment charge (ERC.

The range offers higher maximum LTVs than Pure’s other products, starting from 29.5% for those aged 55 and increasing to 57.5% for those aged 82 and over.

By comparison, maximum LTVs in Pure’s Classic range are 27%-54% and up to 10% of the initial loan amount can be repaid each year without triggering an ERC.

The Emerald range also offers personalised pricing, which Pure introduced on its Classic range earlier this year. 

It means that borrowers will get a rate based on their age, the loan amount, age, property value and type, and its location.  

Emerald rates are from 3.65% – 5.5% AER.

Downsizing protection, drawdown and fee-free options are available and borrowers are considered up to the age of 95.

Properties valued between £120,000 and £2m are accepted, although the minimum value is £150,000 if ex-local authority and the maximum value is £1m if the property is based in Wales or mainland Scotland.

The minimum initial loan is set at £10,000 or £20,000 on cashback products and the maximum is £950,000.

Pure Retirement is planting a tree for each of the first 50 completions on its new range, in partnership with the Yorkshire Dales Millennium Trust.

Head of product Brendan Gilligan says: “We’re really excited to announce the launch of this new product range as it will give even greater choice to consumers at the higher LTV end of the market. 

“With consumer confidence returning and many reassessing their retirement priorities, it’s more important than ever to be offering a range of innovative and flexible products that meet customer needs.”