The firm has added to its classic range with the introduction of what is reported as the lowest MER on a fixed-rate product ever seen in the equity release market at 2.59%.

The deal includes a £500 arrangement fee, and borrowers can make up to 12 optional ERC-free repayments per year provided they don’t exceed 10% of the initial amount borrowed in a 12-month period.

Furthermore, the product is available to customers aged between 55 and 84, includes free valuations, and an uncapped drawdown facility.

Brendan Gilligan, head of products at Pure Retirement said: “With ongoing uncertainty owing to the threat of an economic downturn, Gilt rates have fallen and by extension have allowed rates to drop.

“With many of our customers concerned about the current news cycle, it’s gratifying to be able to offer a good news story in providing the most cost-effective way for them to be able to access the retirement they desire.

“It follows several rounds of enhancements to our Heritage range and allows us to underline our commitment to developing and enhancing our product offering to continue meeting our customers’ needs.”