"The new high-LTV structure means that those at the top end of the age bracket have more options when it comes to retirement planning"
Pure Retirement has reintroduced its Heritage range of lifetime mortgages to the later life lending market, pivoting the range to offer high LTVs for over-80 applicants.
Under the updated structure the product will now be available solely to those aged 80-85, with Heritage Special 1 offering 45% LTV on both joint and single life plans, Heritage Special 2 offering a 47.5% LTV to single life applicants, and Heritage Special 3 offer a 50% LTV, and again being available for single life applicants only.
Interest rates start at 7.19% MER for Heritage Special 1, rising to 7.29% for Heritage Special 3.
The suite of Heritage products will lend against properties of at least £150,000, up to a maximum of £800,000. As part of the new plan’s criteria, studio flats will be accepted providing they exceed 30sqm and are within the M25, and will be subject to an LTV restriction of 85% compared to an equivalent house.
The maximum number of bedrooms accepted as standard has risen from 4 to 5, and from 6 to 7 for individual consideration, while the new plans will also allow lodgers and Airbnb occupiers, up to a maximum of two.
Head of products, Brendan Gilligan, said: “It’s no secret that the lifetime mortgage market has seen an increasingly diverse and varied customer base as part of its continued growth. As a result, it’s more important than ever to deliver product solutions that meet specific needs, and we’re pleased to be going some way towards that with our updated Heritage products.
"The new high-LTV structure means that those at the top end of the age bracket have more options when it comes to retirement planning, whether they’re looking at offering a living inheritance to their family, or undertaking home renovations to raise its value.”
