Pure Retirement has reintroduced its Heritage Freedom lifetime range of loans, which it says offers borrowers greater payment flexibility.
Customers will be able to repay up to 20%, or 40%, of their loan each year, without incurring early repayment charges, depending on the product selected, the later life lender points out.
It says the range “meets the needs of lifetime mortgage customers who expect to receive a larger cash payment, perhaps from an inheritance, a family member, investment, or pension, and wish to use this to reduce the cost of their lifetime mortgage”.
The suite of loans allows up to twelve optional repayments a year.
The Heritage Freedom range is available to applicants between 55 and 80 years of age, and offers up to 37% loan to value, depending on age.
Minimum property value starts at £70,000, with no maximum property value. Loans are available from £10,000 up to £800,000, which can be taken as a lump sum, or with a drawdown facility.
Pure Retirement head of product Chris Buchanan says the “products have been designed to give customers greater flexibility when it comes to making optional repayments, giving them the ability to repay more without an early repayment charge”.
