Paradigm has announced the addition of lifetime mortgage provider, Pure Retirement, to its lender panel.

The move will mean member firms at Paradigm will have access to Pure Retirement’s range of lifetime mortgage plans covering its “sovereign”, “classic”, “heritage” and “emerald” offerings.

All of Pure Retirement’s products offer a fixed rate for life, no negative equity guarantee and no contractual repayments, but with the option to make repayments if required. Loan-to-values are available up to 50% – depending on the age of the client.

Pure Retirement offers a broad range of criteria, with availability for customers with county court judgment (CCJs), debt management plans (DMPs), individual voluntary agreements (IVAs) and bankruptcies.

The lender also has a large intermediary sales division to support Paradigm member firms, including access to regional and telephone BDMs.

Furthermore, Pure Retirement has a new online account management platform, MyPure, designed to enable customers to self-manage their lifetime mortgage account post-completion, including making one-off repayments, or applying for a cash release.

Head of distribution at Pure Retirement, Scott Burman, commented: “We’re incredibly excited to be working with such a leading mortgage distributor such as Paradigm, and interacting and supporting its members, and we look forward to using our position as a lifetime mortgage specialist to share our knowledge and insight when it comes to the wider market.

“We have a strong belief in providing first-class support, and we understand the importance of effectively engaging with mortgage distributors when it comes to alerting financial advisers of the opportunities offered by the later life lending space – for both them and their clients.”

Director of mortgages at Paradigm, Richard Howes, added: “Equity release and later life lending in general is proving to be a growth area in our industry, and the customer demographics and demand behind this appear to show this will continue well into the future.

“More homeowners are willing to use their property as the asset it is, and with a clear need for advice, it makes perfect sense for Paradigm to be adding Pure Retirement to our panel, given it is a specialist in this area. I have no doubt that advisers will continue to see greater demand for those clients willing to take mortgage debt into retirement, or wanting to access equity for a whole variety of reasons.”

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