Pure Retirement has scrapped the £500 arrangement fee that applied to the products in this line, which it said would make it more accessible and simplify the offering. Existing borrowers will no longer need to pay the fee when taking out a new further advance.
Pure Retirement’s Classic lifetime mortgages will also offer free valuations on properties with a value up to £2m.
The lender will now allow borrowers to access further advances up to the age of 90 for the youngest borrower, as long as the loan is completed before their 90th birthday.
These changes follow the recent decision by Pure Retirement to extend the offer period for purchases from 42 days to 90 days within its Classic range.
Chris Buchanan, head of product at Pure Retirement, said: “Our Classic range is already a market leader and, combined with Pure’s exceptional service reputation, makes Classic a compelling option.
“The changes we are delivering today will further simplify the range and give advisers even greater confidence in recommending Classic to their clients, whether that’s no arrangement fee, access to further advances in the clients’ later years, or 90-day offers on purchase cases.”
Earlier this week, the lender returned to high loan to value (LTV) limits across its Heritage range to 40 per cent LTV and removed arrangement fees from this product suite. In January, it became the first later life-only lender to join the Intermediary Mortgage Lenders Association (IMLA).