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New mortgage lender Pure Retirement is set to launch in 2014 to become the first new equity release provider since June 2010.

Pure Retirement, sister company to retirement specialists Age Partnership, launches at a time when the equity release market is heading for a record year with more than £1 billion of total lending.

It aims to offer advisers a range of innovative equity release products.

Managing director Paul Carter has worked within financial services for more than 30 years, with the last 16 focused within the equity release industry, covering distribution, advice and lending.

Previous positions include managing director at Cavendish Equity Release and sales director at Prudential Lifetime Mortgages. He has also worked in equity release at Millfield Partnership and Norwich Union (now Aviva).

Pure Retirement has already confirmed its membership of the Equity Release Council and will follow its code of conduct.

It aims to become one of the top three equity release providers and claims it can achieve this by bringing new products to market quickly.

Carter said: “The equity release market is in good shape, but we believe our launch will provide it with renewed vigour.

“Equity release products are becoming increasingly relevant to today’s retiring population, as traditional forms of retirement finance continue to come up short.

"But in order to adjust to a changing landscape we too must adapt our approach, and this is precisely why we have decided to launch Pure Retirement.

"We believe our fresh approach to products will make them better suited to meet the needs of consumers.

“We are proud to be the first new provider in the market for more than three years. Although the process of launching a new company is lengthy and complex, we expect to see more providers follow our lead as the equity release market continues to grow.”

Stuart Wilson, managing director at the Equity Release Club, said: “From a stable of great pedigree and a management team with experience and a successful track record, they will bring an injection of innovation to the sector.”

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