Pure Retirement launches interest servicing across Emerald lifetime mortgages – Mortgage Strategy
Pure Retirement has launched interest servicing across its Emerald lump sum and drawdown lifetime mortgages.
The launch offers a discounted interest rate for customers making monthly payments of at least 25% of the monthly interest.
Customers can stop making monthly payments at any time, for example, if their circumstances change, although the interest rate discount will cease.
In addition, customers can take payment holidays of up to three months in each year and make optional repayments of up to 12% each year of the amount borrowed without early repayment charges.
Pure Retirement managing director Simon Hayton says: “Mortgage advisers are likely to have 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, for example at retirement.”
“If advisers are not considering interest servicing lifetime mortgages as part of the later life lending conversation, they may be missing an important option for clients who still have some income and a preference to make monthly payments.”
“Interest Servicing on Emerald has been designed to support those conversations and provide greater flexibility for customers who may have fewer borrowing options.”
