The lender will now permit properties which are partially used for small business activity. This applies as long as there are no products or equipment stored at the property, no structural alterations are required, there are no changes in the stated planning use and no business rates.
Pure Retirement will accept historic rent charges of up to £100, previously £25. Amounts over £100 may be considered on a referral basis. Further, properties above commercial premises will be considered in exceptional circumstances, such as in high value areas where the commercial activity has no negative impact.
The lender has removed flood risk determination from its government zoning information. Properties will now be subject to tailored flood data checks.
Pure Retirement now accepts unmade roads subject to a valuer’s comments, as long as it is a no-through road and in “reasonable condition”.
These changes follow the lender’s recent rate cuts which saw it bring out a lifetime mortgage with a rate of 5.94 per cent.
Brendan Gilligan (pictured), head of products at Pure Retirement, said despite challenges in the wider later life sector it was good to see product development continue.
He added: “Our Classic range has always been built on a foundation of flexibility, so to be able to widen our criteria and make it available to yet more people as equity release continues to increasingly be seen as a mainstream retirement planning tool is incredibly gratifying.”
