New provider joins equity release market

Published: 28/02/2014

The first new equity release provider in three years has now launched its offering to customers.

Pure Retirement will now offer a high loan to value lifetime drawdown scheme with features including:

• No medical requirements
• A fixed interest rate for life
• No maximum loan to value (LTV)
• No arrangement fee for loans over £45,000
• Contributions of £600 and £500 to clients’ solicitor and adviser fees respectively.

Properties valued over £1million will also be accepted.

While a lot of the features are ‘fairly standard’ there is some recognition of the contribution the provider is making to the clients’ solicitor and adviser fees.

Richard Espley, Head of Equity Release at Goldsmith Williams, comments:

“It’s great to see a brand new provider entering the equity release market – increased competition amongst the providers will benefit consumers and may help to sustain the current competitive rates on offer.

“Contributions to advice fees are a unique selling point and it is good to see a new provider offering financial incentives to clients to make plans even more affordable. Goldsmith Williams provide specialist advice to consumers and we can explain the legal nature effects and implication of these products.”

Content correct at time of publication