Blog > Equity release providers announce updates to their product range

Equity release providers announce updates to their product range

Worried mature couple

By Clare Yates • 11th June 2024 • 3 min read

Leading providers announce new product options 

Written in line with our editorial policy.

Several equity release providers have unveiled a refresh of their product ranges to offer homeowners greater choice. The updates include extra features, higher loan-to-values (LTVs), improvements to lending criteria and lower pricing.

In April, lender Pure Retirement unveiled a refresh of its Emerald range, which now offers a minimum drawdown amount of £500 and a higher maximum LTV of 47%. 

In addition, the same range now features fixed early repayment charges (ERCs) for seven years, with the ability for customers to make voluntary partial repayments of up to 12% every year without penalty (10% is common across the industry). 

Pure Retirement has also increased its maximum age for applicants to 90, and raised the maximum initial advance to £1.5m. The lending criteria have also been relaxed somewhat, including in terms of eligibility for people owning flats and maisonettes.

Finally, the lender has also removed its arrangement fees on both initial and further advance borrowing.

Earlier in April, Pure Retirement also announced its decision to increase the maximum loan to value to 48% across its range of classic lifetime mortgages on both new and returning borrowing. It means a homeowner aged 70 could unlock up to 38% of their property value, with those aged 80+ accessing up to 48%.

LV= announces criteria improvements

Earlier this month lender LV= also brought in some new criteria improvements to their Lifestyle range to provide more options for UK homeowners looking to boost their finances. 

For instance, since 7 May 2024, applicants now have a better chance of being accepted if they have a property adjacent to, or above, commercial premises.

The lender has also relaxed its flood criteria. Medium flood risk zones will now be considered, and the ‘no flood risk’ period has reduced from 15 years to five years. 

In exceptional circumstances, properties that have flooded in the last five years will now also be considered. This is subject to certain conditions being met, however, such as defences being subsequently installed and the property receiving no negative surveyor comments.

Grade II* (England & Wales) and Category B (Scotland) properties can now also be considered by the lender, in addition to properties with a single skin of up to 20% (previously 10%) of the overall property. 

Standard Life increases loan-to-value to 53%

A third provider also announced updates to its product and lending criteria earlier this month. The Mortgage Finance Gazette says Standard Life Home Finance unveiled a new plan to its Horizon lifetime mortgage range with a maximum 52% loan-to-value now available.  

The lender’s Horizon 650 product is available to homeowners aged between 55-84 who wish to maximise their borrowing.  

Its features include partial capital repayments from the outset of the plan with fixed early repayment charges for eight years.

The new plan also waives early repayment charges on the death or admission to long-term care of the first borrower, with downsizing protection also available from day one.

Do you want to discuss the option of equity release?

If you are thinking about tapping into your property wealth with a lifetime mortgage, then do get in touch. Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment with one of our selected advisers, who will confirm your eligibility for equity release and look for the best equity release rates from leading providers. 

If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you. You can also get a quick estimate of how much money you could unlock from your home with our free equity release calculators.


Pure Retirement unveils refresh to Emerald range: Pure Retirement redesigns Emerald equity release range, Mortgage Solutions. Accessed 21 May 2024.

LV= updates lending criteria: How LV= is improving its lifetime mortgage range, Accessed 21 May 2024.

Standard Life launches new Horizon 650 plan: Standard Life Home Finance intros equity release deal at up to 52% LTV, Mortgage Finance Gazette. Accessed 21 May 2024.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn

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