Pure Retirement has announced significant enhancements to its Classic lifetime mortgage range, including the elimination of the £500 arrangement fee, making the range more user-friendly and cost-effective. Advisers can now present a more straightforward product to clients without the need to differentiate between fee and fee-free options.
Additionally, the lender has introduced personalised pricing and a 21-day Key Facts Illustration (KFI) rate guarantee. For new quotes, there will be no upfront fees, and free valuations will be available for properties valued up to £2m. Current Classic customers will also gain from these changes, as the removal of the arrangement fee applies to new further advances, aiding those who are considering additional borrowing.
The Classic range now allows for further advances for customers up to the age of 90, provided completion occurs before the youngest borrower turns 89 years and 364 days. This extension offers more borrowing flexibility for older applicants.
For property purchases, Pure Retirement has extended the offer validity from the standard 42 days to 90 days, granting advisers and their clients more time to complete transactions.
Chris Buchanan (pictured), head of product, commented on the updates: “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.”
