Heritage Super

Type Fixed
Rate 6.60%
APR 6.92%

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Incentives:

Free Valuation
Legal Fees Contribution

Offers:

10%pa Optional Partial Payments
£600 Fees Contribution
3-Yr Early Repayment Charge Exemption
Fixed Early Repayment Charges

Background

Pure Retirement was formed in 2014 as a lifetime mortgage lender with a wealth of industry experience in equity release business behind it. This knowledge has helped Pure Retirement identify a gap in the retirement lending market for homeowners over the age of 55.

Pure Retirement's experience has helped position it's equity release plans both in the higher maximum loan part of the market and lower competitive interest rate end. They also have consideration to minimising set-up costs using cashbacks & fee waivers on their drawdown and lump sum lifetime mortgage plans. This makes the Pure Retirement range of plans some of the most comprehensive and low cost-to-market equity release schemes available.

The Pure Retirement Heritage range of drawdown lifetime mortgage plans offer many versions dependent upon which options are required to be included within the design of the plan. The plans differ in the size of the loans they provide (LTV's) and the set up fees and cashbacks selected. All these elements will have a bearing on the subsequent interest rate that Pure Retirement offer.

The Pure Heritage Super Equity Release Plan provides a total cash facility from which an initial capital lump sum is taken. The remainder that isn't taken remains in the cash reserve for future use, if required. With their balance control measures including their highly flexible 40% partial annual payment option, Pure Retirement aim to offer this drawdown equity release scheme to those looking at potential shorter term borrowing where repayment of the loan is key to their future plans e.g. receive an inheritance.

Eligibility

The minimum property valuation applicable to this Pure Retirement Heritage Super Lifetime Mortgage is £70,000 with no maximum value applicable. For ex-council or ex-MOD properties a minimum valuation of £100,000 would apply. For property valuations greater than £2 million, contact the Equity Release Supermarket team on Freephone 0800 802 1051 for a bespoke quotation.

The security address which must be a mian residence must to be located within England, Wales and mainland Scotland

The Heritage Super plan is available on both a single and joint life basis with a minimum age of 55 and a maximum age of 85 at application.

The minimum release on the Heritage Super lifetime mortgage is £10,000, with a maximum total cash facility available being £1m in England, Wales and mainland Scotland. The Heritage range of plans vary depending upon the size of the cash reserve facility initially chosen. They start with the basic Super plan with the lower loan-to-value ratio's, rising upto the Heritage Super Max with the highest LTV's.

Due the the many combinations of options available, it's always advisable to discuss with your local Equity Release Supermarket adviser on Freephone 0800 802 1051 and request a personalised Pure Retirement Heritage Key Facts Illustration.

Features

This Pure Retirement Heritage Drawdown plan provides an initial tax-free lump sum cash release for immediate use, with the remaining unused cash being retained in a cash reserve facility. The reserve fund is ideal for those needing access to immediate cash, but having the knowledge that their personalised drawdown facility is there for the future; which for some retired homeowners can be vitally important.

Each drawdown scheme offered by Pure Retirement comes with a lifetime fixed equity release interest rate on the initial lump sum. Any further withdrawals in the future will have an interest rate that was applicable at that time. Hence, different tranches can have different interest rate applied.

The minimum withdrawal amount from the cash reserve facility is £5,000 with no further administration charges for any additional drawdown amounts taken. Cash drawdowns can be taken as frequently as possible upto the maximum lending limit imposed by Pure Retirement.

Early repayment charges (ERC) on the Heritage Super plans are fixed. They start at 10% of the balance outstanding in year 1, reducing 1% pa down to 1% by year 10. Then to year 15, the penalty remains at 1% with no penalty after the 15th year. There are exceptions below when ERC's are not applied. For specific criteria please contact your local Equity Release Supermarket adviser.

Pure Retirement are members of the Equity Release Council, therefore all plans have the industry standard - no-negative equity guarantee. This means following the eventual sale of the property on death or long term care, the beneficiaries cannot be left with personal debt owing to the equity release lender.

Options

Pure Retirement offer various combinations of fee contribution packages and cashbacks towards the set-up of these equity release UK schemes. This assistance with regards to set-up fees make them one of the cheapest company's to set an equity release mortgage up with.

Occasionally, Pure Retirement have special offers which can increase these cashbacks even further, so its always worthwhile contacting the Equity Release Supermarket team on Freephone 0800 802 1051 or visiting our 'Latest Offers' page.

The Pure Heritage Super plan provides the option of being able to make voluntary repayments of upto 10% each year with no penalty. The only conditions to these partial payments is that they must be a minimum of £500 and following repayment, the balance cannot go below the minimum initial advance of £10,000.

There is no commitment to making any repayments on Pure's drawdown plans, however making voluntary ad-hoc payments can help manage the future balance of the lifetime mortgage. With the ability to make 6 payments each year, means the plan can be managed as an interest only lifetime mortgage, thus keeping the balance the same as it started throughout the term.

Having a 10% voluntary payment limit means the plan can be repaid over time. It allows you to repay upto 10% of the original amount borrowed each year with NO penalty (subject to the £10,000 limit).

*The 3-year no early repayment charge applies to joint life plans where the loan can be repaid within 3 years of death or long term care of a partner and no penalty will be applied.
**The Heritage Super plan quoted above comes with an £895 application fee and Pure provide a £600 contribution towards legal fees.

To obtain further information or to request a quotation on the Pure Retirement Heritage Super plan, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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Heritage Super (Drawdown)

Heritage Super

Incentives:

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Background

Eligibility

Features

Options

Incentives:

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