"It’s incredibly exciting to bring new product to the table that opens up equity release to more people than ever before"
The Sovereign range offers both cashback and fee-free options, as well as a fixed-percentage ERC based on the initial amount borrowed rather than the current balance, with ERCs on some products ceasing altogether after eight years.
In addition, borrowers will be able to settle their mortgage after five years with no ERC penalties if they wish to move to a property deemed unsuitable for standard porting methods.
Similarly, if a joint mortgage has been taken out and one of the parties enters into long-term care or passes away there will be no ERCs applied if the mortgage is paid off within three years.
Eligible property values will range from £70,000 to £6,000,000 and all standard construction types will be accepted. Flats, maisonettes and ex-council house owners can also access the same LTV range as those with larger properties.
Pure Retirement's CEO, Paul Carter, said: “Our customers’ lives don’t stand still, and neither should we. I’ve long talked about the need to innovate both technologically and in terms of product offering, and the Sovereign range allows us to practice what we preach.
"It’s incredibly exciting to bring new product to the table that opens up equity release to more people than ever before thanks to its flexible approach to both personal circumstances and acceptable properties, and we hope that the market is as enthusiastic about it as we are.”
