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Pure Retirement extends ERC-free partial repayments to entire offering

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  • 21/06/2021
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Pure Retirement extends ERC-free partial repayments to entire offering
Pure Retirement has removed early repayment charges (ERCs) for partial repayments within a 12-month period from its sovereign range of products, meaning all its products now have this incentive.

 

The sovereign products are available to borrowers in England, Wales and mainland Scotland aged between 55 and 90 with a minimum property value of £70,000. The elite range, for borrowers with high value properties, has a maximum age limit of 85. 

Borrowers taking out a sovereign product will now be able to make up to 12 repayments within a year with no charges, provided the total amount repaid does not exceed 10 per cent of the full amount borrowed. 

They can pay a minimum of £50 each time and a minimum outstanding balance of £1,000 must remain once repayments have been made. 

Borrowers taking out a sovereign product can also now make direct debit payments. 

The standard sovereign range offers loans between £10,000 and £725,000, while the elite products provide loans between £725,001 and £1m.  

Products offer up to three per cent cashback, with a maximum loan to value of up to 52 per cent on standard products, and 38.5 per cent on elite products. 

Brendan Gilligan (pictured), head of products at Pure Retirement, said: “In an age where customers are increasingly looking for flexible retirement solutions that can evolve with their circumstances, it’s gratifying to be able to offer ERC-free partial repayments on all of our products, and to widen the facility of direct debits, following the successful roll-out on classic products earlier this year.  

“The ability to make no-obligation monthly payments via direct debit provides a great option for customers wanting to reduce the impact of roll up interest and it means the sovereign range should be considered as a real alternative to a traditional or retirement interest-only mortgage.” 

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