"Equity release rates are at record lows and products are becoming increasingly flexible with the ability to make optional overpayments."
The Monthly Repayment Calculator is designed to be used in conjunction with Pure’s Classic range, which permits monthly payments, and highlights the usefulness of monthly repayments in reducing the effect on interest roll up and protecting equity in the home.
The Annual Overpayment and Early Repayment Charge Calculator has been designed to better illustrate the benefits of Pure’s Heritage Freedom 40 product, which allows customers to repay 40% per annum ERC-free. The calculator highlights the benefits of making irregular or adhoc payments and how they affect the overall loan balance. It also shows whether ERCs will be payable, meaning it’s particularly useful for customers that may know that they’ll be receiving a sum of money and will want to repay a large amount of the loan a certain number of years into having their lifetime mortgage.
The calculators come off the back of a wider refresh of product information, with Pure’s website now featuring a searchable lending criteria section and client scenarios to help advisers find the right product for their clients’ needs.
Brendan Gilligan, head of product at Pure Retirement, said: “Equity release rates are at record lows and products are becoming increasingly flexible with the ability to make optional overpayments.
"This means that equity release should really be considered as a serious alternative to RIO and standard residential mortgages for anyone over 55 who wants to continue to make payments but with the added flexibility to stop them at any time should there circumstance or income change. These calculators will really help brokers to demonstrate the flexibility of our equity release products to clients.”
