Pure Retirement have released the following update (see below for details). Full product details from Pure Retirement are available here. Contact our team to discuss any cases or criteria in detail across their full range.
Pure Retirement Launches Shorter 10-Year ERC Term on Classic Lifetime Mortgages
The Early Repayment Charge (ERC) term is reducing from 15 years to 10 years for new customers on Pure Retirement’s Classic lifetime mortgages. The new ERC will be 10% in year one, reducing by 1% each year, to 1% in year ten. There will be no ERC from year 11.
The 10-year ERC term will apply to new initial loan and new further advance KFIs from Tuesday, 09 December 2025 with pipeline cases being processed in accordance with the ERC term shown in the KFI.
If advisers wish to switch pipeline cases to the 10-year ERC term, they will need to produce a new KFI on current pricing. For more information on what this change means for you and your clients, please see Pure’s new fact sheet and learn more about Pure’s classic lifetime mortgages through the lender website