The later life lender’s Special 3 product will offer up to 40 per cent LTV at age 70 and 50.5 per cent LTV from the age of 80.
The product will also be available to applicants aged 60 and above, with both single and joint life applicants accepted.
Pure Retirement said that the changes would make its Heritage range “more accessible for borrowers exploring later life lending as a means to fund retirement”.
The firm has also removed arrangement fees across standard products in the Heritage range, barring Heritage Freedom deals, which Pure Retirement says will make the “range even more convenient by simplifying the pricing”.
Heritage Freedom products allow customers to repay between 20 and 40 per cent of their loan early repayment charge (ERC) free dependent on the product.
Pure Retirement’s head of product, Chris Buchanan (pictured), said: “I’m pleased that Pure Retirement can now offer a tangible alternative in the higher LTV lifetime mortgage market.
“The combination of our higher LTVs, removal of the arrangement fee across the standard Heritage range and our market leading service will be a compelling proposition for advisers. In addition, reducing the minimum age and opening up to joint life will help to make the higher LTVs more accessible for clients.”
The move comes after the lender amended its Heritage and Heritage lifetime mortgage range in December last year to include higher LTVs and lower minimum ages.
Pure Retirement passed £5bn of loans serviced after the integration of its back book in November last year and is the first later life-only lender to be a member of the Intermediary Mortgage Lenders Association.
The later life lending market is in a more positive position at the start of this year, with experts from the Later Life Lending Event in January saying that pricing will improve and higher LTVs were returning to the market.
