Additional mortgage features, higher loan to values (LTVs), criteria improvements and lower pricing are all part of the equity release mortgage range’s refresh.
The Emerald suite of equity release mortgages comes with a new facility featuring a minimum drawdown of £500 and an increased LTV up to a maximum of 47%. Arrangement fees have been removed on both initial and further advance borrowing.
The range now includes additional flexibility with fixed early repayment charges (ERCs) for seven years and annual penalty-free optional partial repayments up to 12%.
The maximum age has increased to 90 years old, while the maximum initial advance has been pushed up to £1.5m. The lender is also taking a more flexible approach to lending criteria, which includes lending on flats and maisonettes.
Chris Buchanan (pictured), head of product, said: “We have redesigned the Emerald range from the ground up, and the new product offers greater flexibility and at lower pricing. In particular, Emerald will appeal to those looking for shorter early repayment charges, seeking more flexibility in lending criteria and at a competitive interest rate, with no upfront fees.”
Earlier this month, Pure Retirement increased the maximum LTV on its range of classic lifetime mortgages.
