Lifetime mortgage lender Pure Retirement has continued to develop its Classic lifetime mortgages by increasing loan-to-values (LTVs) to 48% on its standard range.
This was done in order to underline the range’s flexibility and open it up to more borrowers looking to access the equity in their homes.
The changes will be applicable on both new initial advances and further advance borrowing.
Under these latest changes, an applicant aged 70 can access LTVs up to 38%, and applicants from age 80 can access LTVs up to 48%.
This followed a recent package of enhancements from the lender: Classic lifetime mortgages have no upfront fees, with no arrangement fee and free valuations.
Existing Classic customers have also seen the removal of the arrangement fee on new further advances and can also access further advances up to the age of 90 for the youngest borrower, (providing completion occurs on or before age 89 years +364 days).
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.”
