The lender said this was a first for the equity release market, and the EPCs would be done by Vibrant Energy Matters.
Vibrant Energy Matters is one of the leading suppliers in the EPC space, completing one in every 10 EPCs in the UK.
The EPC report outlines how energy efficient a property is, as well as suggested improvements to the property. An EPC typically costs between £35 and £120.
To opt into the offer, advisers will need to tick a box in the application form when applying for Pure Retirement’s Classic range.
Pure Retirement said that a major use for funds amongst equity release customers was for home improvements, and energy efficiency was an increasingly important consideration.
Proposed legislation from the government could require all properties let for new tenancies to have an EPC rating of C or higher by 2025 and all tenancies by 2028. The legislation also proposes including residential properties, but it has not yet become law.
Pure Retirement said that four in five people viewed energy efficiency as more important, however only a third were looking to make improvements to their property.
Pure Retirement’s head of product Brendan Gilligan (pictured) said: “While consumers are becoming increasingly conscious about the energy efficiency of their homes, for many it’s difficult to know where to start or to establish the likely costings for change.
“Energy efficient improvements are great for the environment but also have the potential to reduce utility bills and increase property value. So, offering a free EPC to our customers on completion is our way of starting that journey for our customers, adding further value to our product and service proposition.”
Pure Retirement renews contract with Phoebus Software
Pure Retirement has signed a contract with Phoebus Software Limited (PSL), reinforcing its eight-year relationship.
The relationship allows Pure Retirement to use the software company’s origination and migrations API, which increases the efficiency of the onboarding process.
This means that Pure Retirement can originate significant volumes of new business and migrate new equity release portfolios onto the platform.
Phoebus Software’s sales and marketing director, Richard Pike, said the software company had worked with the lender since 2014 and it had an “extremely strong and positive partnership approach to working together”.
He continued: “We continue to assist Pure with the onboarding of originations and migrations of new portfolios onto the Phoebus servicing platform without any issues, and this is a real differentiator in the marketplace for both parties. We look forward to a continued strong relationship with Pure Retirement for many years to come.”
Simon Hayton, chief operating officer at Pure Retirement, said Phoebus was an “excellent supplier and partner” and the serving solution gave “both operational efficiencies and excellent functionality in a robust and well trusted package”.
Hayton added: “We enjoy excellent collaborative working practices meaning that PSL and ourselves can bring ideas to the table in terms of new innovation and functionality which is truly refreshing, and their migration expertise is second to none.
“As a leading equity release lender known in the industry for our dedication to innovation, we look forward to continued success in working with PSL over the coming years.”
