Product update
We’ve just introduced a market-leading innovation in our Heritage Freedom 40 product, which offers customers the ability to repay up to 40% of their loan each year ERC-free. In addition, Freedom 40 also allows up to twelve repayments per year, meaning customers can set up a monthly payment and reduce the impact of interest roll up.
As with the rest of Pure’s Heritage range Freedom 40 is available to applicants from age 55 with no maximum age cap, and offers applicants LTVs between 22.45% and 54.60% depending on the number of applicants, their ages, and the product type. The new products will accept properties valued from £70,000 up to £2m, with loan sizes up to £600,000 that can be taken as either a lump sum or a drawdown facility.
We’ve also recently rolled out new valuation processes across our full product range, in line with new government guidelines that have started to open up the property market. Our Heritage, Sovereign and Classic product ranges now feature a mixture of desktop valuations, external and internal inspections, based on considered risk assessment.
These options will be tailored to individual customer circumstances and will be reviewed on a case-by-case basis, ensuring the continued safety of its customers. The changes will allow many applications that were stuck in the pipeline to progress to completion allowing more customers access to crucial funds at what is a difficult time for many.
Adviser Support Update
In April we launched the latest edition of our Quarterly Market Insight report, detailing Q1 of this year and providing advisers with a convenient summary of the previous three months. To support it, we’ve also created some video content in which CEO Paul Carter discusses the key themes of the last two reports – Q4 2019 and Q1 2020 – in more detail and giving his thoughts on what it means for the equity release industry.
We’ve also added to our monthly Pure Insight blog, providing advisers with an in-depth look at current industry trends, with the current edition rounding up recent lender adaptations to market changes and evolving processes. In addition to the latest blog, we’ve also introduced LinkedIn templates to help advisers enhance their online presence at this most crucial of times.
We are reviewing our current marketing toolkit by conducting a virtual feedback panel with advisers that have already used our services. You may have attended one of our marketing workshops or webinars, or have simply used our marketing toolkit service in the past, and have some ideas of how we could support you further or improve our current offering. Please e-mail marketing@pureretirement.co.uk if this appeals to you.
Join us at our June Virtual Roadshow between 10am and 12pm on June 25th with key speakers from within the industry, a special guest, and our team, providing a perfect opportunity to develop your knowledge and keep up to speed on how the industry’s been reacting to recent challenges.
Open for business – for you and your clients
We remain fully operational from KFI right through to completion, allowing cases to progress to completion. In addition, technological developments within our safe, secure and recently-refreshed online portal also allow for the streamlined business-as-usual submission of applications. Furthermore, our dedicated Customer Account Servicing team continues to look after a loan book in excess of £2bn, meaning that even after completion our customers continue to receive first-class care and support throughout the duration of their loan.
