The calculators allow advisers to demonstrate to their clients the benefit of making regular or adhoc repayments to lower their equity release debt and reducing the impact of rolled up interest which eats away at household equity.

For Pure’s classic range, advisers should use the monthly repayment calculator.

The annual overpayment and early repayment charge (ERC) calculator is for use with the Heritage Freedom 40 deal, which allows borrowers to repay 40% of their debt per year penalty free.

As well as demonstrating the benefits of making irregular or adhoc payments to the overall loan balance, the annual and ERC calculator also shows whether penalties will be payable, which is not always clear on gilt-linked equity release products.

The addition of the calculators follows a wider refresh of its product information. Pure’s website now features a searchable lending criteria section and client scenarios to help advisers find the right product for their clients’ needs.

Head of product Brendan Gilligan said: “Equity release rates are at record lows and products are becoming increasingly flexible with the ability to make optional overpayments. This means that equity release should really be considered as a serious alternative to Retirement Interest Only and standard residential mortgages for anyone over 55 who wants to continue to make payments but with the added flexibility to stop them at any time should their circumstance or income change.

“These calculator will help brokers to demonstrate the flexibility of our equity release products to clients.”