This change applies to the standard options in the range, which Pure Retirement said would open options up to more borrowers looking to access equity in their homes.
This higher LTV will be available on both new initial advances and further advance borrowing.
An applicant aged 70 can now access an LTV up to 38%, and those aged 80 and above can access a 48% LTV.
In February, Pure Retirement made changes to the classic lifetime mortgage range to remove upfront fees and the arrangement fee. The product also offers a free valuation.
There is also no arrangement fee on new further advances, and borrowers up to the age of 90 can access further advances, as long as the loan is completed on or before their 90th birthday.
Chris Buchanan (pictured), head of product at Pure Retirement, said: “Our Classic product has consistently been a leading lifetime mortgage solution, and the increased LTVs available, up to 48%, will open up the classic product to more people and provide them greater choice and value following our recent decision to remove the arrangement fee across the range.”
Last week, Pure Retirement expanded its intermediary team with the appointments of Gemma Brown and Sam Owen as business development manager (BDM) and telephone BDM respectively.
Earlier this year, the lender became the first later life-only mortgage lender to join the Intermediary Mortgage Lenders Association (IMLA).
