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 Introduces Interest Servicing Across Emerald Lifetime Mortgages
Pure Retirement has expanded adviser choice with the launch of Interest Servicing across its Emerald lump sum and drawdown lifetime mortgages, designed to provide greater flexibility for over-55 clients who may not meet mainstream residential mortgage affordability criteria but still have some income available to make monthly payments.
Clients for whom a mainstream residential mortgage is no longer available or suitable, who are unable to evidence a capital repayment strategy, or who expect their income to reduce before the end of the mortgage could benefit from this option.
It offers a discounted interest rate for customers making monthly payments of at least 25% of the monthly interest, helping them reduce the amount of interest added to their lifetime mortgage and lower the overall cost of borrowing. For more information, visit Pure’s interest servicing page.
Here are some of the key features of Emerald ISM:
- Interest rate discount of up to 0.7% for customers who choose to make regular monthly payments of at least 25% of the monthly interest
- Flexibility to stop monthly payments at any time. If payments stop, the interest rate discount will no longer apply and any unpaid interest will be added to the loan balance each month
- ERC-free partial repayments of up to 12% of the original loan amount each year, in addition to any monthly interest payments
- Payment holidays of up to three monthly payments in every 12 months from completion
- Further borrowing, including both cash releases and further advances, can also qualify for the interest rate discount where at least 25% of the monthly interest is paid