Pure Retirement Emerald F Drawdown

Emerald F (Fee free)

Type Fixed
Rate 4.71%
APR 4.99%

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Incentives:

Free Valuation
Free Application

Offers:

Cashback Options
12%pa Voluntary Payments
3-Year No Early Repayment Charge**
Downsizing 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.

The Pure Emerald 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, set up fees selected and the size of the future drawdown facility. All these elements will have a bearing on the subsequent interest rate that Pure Retirement apply.

The Emerald Drawdown Equity Release Plans provide an initial capital lump sum, which aims to offer a more competitive interest rate than its industry colleagues. Combining balance control measures with their flexible 12% partial repayment facility, along with competitive lifetime mortgage interest rate, Pure Retirement aim to offer this drawdown equity release scheme to a wider generic audience of retirees.

Eligibility

The Pure Retirement Emerald Plan is specifically designed for homeowners looking for a bespoke equity release plan which can suit their needs now & into retirement.

The minimum property valuation applicable to this Pure Retirement Lifetime Mortgage is £120,000 (£150,000 if ex-local authority). The maximum property value in England is £2m, with Wales & Mainland Scotland being £1m. For property valuations greater than £2m, contact the Equity Release Supermarket team on Freephone 0800 802 1051 for a bespoke quotation.

The property location needs to be within England, Wales and mainland Scotland and must be the homeowners main residence to be acceptable.

Pure Retirement's drawdown Emerald plan is available on both a single and joint life basis with a minimum age of 55 for the youngest homeowner and also for joint applicants. There is an upper age limit of 95 on their Emerald drawdown schemes.

The minimum release on this Pure Retirement drawdown scheme is £10,000 or £20,000 if a cashback option is taken. The maximum initial loan is £950,000. The type of Emerald plan selected is also determined by the size of the cash reserve facility chosen. With seven versions of Emerald ranging from F to L, each Emerald plan has its own loan-to-value ratio.

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 Emerald Key Facts Illustration.

Features

This Emerald Drawdown lifetime mortgage 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 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.

There is no minimum withdrawal amount from the cash reserve facility and 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’s) are fixed and run over a 10 year period. If no cashback is taken, the ERC’s start from 7% and reduce over the 10-year term. If the cashback option is taken ERC’s start at 10% instead. For specific criteria please contact your local Equity Release Supermarket adviser.

Pure Retirement are members of the Equity Release Council, thus all plans have a no-negative equity guarantee built into the product. Therefore, 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 application fees and cashbacks towards the set-up of these equity release UK schemes. These can be with or without an application fee, or including a 4% cashback. All variations will affect the interest rate accordingly.

The Pure Emerald Drawdown scheme is essentially designed as a roll-up lifetime mortgage, however Pure have included a 12% Voluntary Payment Option. This allows the homeowner to make ad-hoc repayments of 12% of the original amount borrowed each year with NO penalty. The minimum amount that can be repaid is £50 and a maximum of 12 repayments can be made every year.

This can help manage the future balance of the plan, and can therefore be operated on an interest-only or even capital and repayment basis, or just ad-hoc whenever the need arises. This can be important to those looking to ensure their beneficiaries acquire some form of inheritance.

*The Pure Emerald plan comes with the option of choosing whether to pay the application fee, or not. By selecting the fees free deal will increase the interest rate accordingly.
**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 Emerald Drawdown plan quoted above comes with an no application fee.

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

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Pure Retirement Emerald F Rates & Details

Emerald F (Fee free)

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Background

Eligibility

Features

Options

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