Adviser members of the mortgage club can now advise on the later life lender’s range of lifetime mortgages.
The products offer a fixed rate for life option, a no negative equity guarantee and no contractual repayments however, repayments can be made if needed.
It will lend up to 50 per cent loan to value (LTV) depending on the age of the borrower.
Pure Retirement will also consider borrowers with county court judgments (CCJs), debt management plans (DMPs), individual voluntary arrangements (IVAs) and bankruptcies. It will look at a range of properties, such as new build and Grade II listed properties in England.
‘Equity release is a growth area’
Richard Howes (pictured), director of mortgages at Paradigm, said: “Equity release and later life lending in general is proving to be a growth area in our industry, and the customer demographics and demand behind this appear to show this will continue well into the future. More homeowners are willing to use their property as the asset it is, and with a clear need for advice, it makes perfect sense for Paradigm to be adding Pure Retirement to our panel, given it is a specialist in this area.
“I have no doubt that advisers will continue to see greater demand for those clients willing to take mortgage debt into retirement, or wanting to access equity for a whole variety of reasons. Pure Retirement are leaders in their field and we are looking forward to working with the team there to present its proposition to our member firms.”
‘Incredibly excited’ to work with Paradigm
Scott Burman, head of distribution at Pure Retirement, added he was “incredibly excited” to be working with Paradigm and the lender looked “forward to using our position as a lifetime mortgage specialist to share our knowledge and insight when it comes to the wider market”.
He added: “At Pure Retirement, we have a strong belief in providing first-class support, and we understand the importance of effectively engaging with mortgage distributors when it comes to alerting financial advisers of the opportunities offered by the later life lending space – for both them and their clients.”
