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Pure Retirement Classic Super Lite Details (Interest Only)

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Classic Super Lite

  • Type Fixed
  • Rate 3.30%
  • APR 3.46%
  • Free Valuation
  • Free Application
  • Interest Servicing Plan
  • 10%pa Partial Repayment Option
  • Fixed Early Repayment Charges
  • Downsizing Repayment Charge Exemption
  • Fees-Free Options*
  • 3-Year ERC Exemption**


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 the 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 Classic range of plans one of the lowest interest rate and application cost-to-market equity release schemes available.

The Pure Retirement Classic range of drawdown lifetime mortgage plans are funded by Rothesay Life - a leading UK life insurer. There are many versions of the Classic Drawdown plans - the Lite, Midi and Max. The rate quoted is the Classic Super Lite plan and offers the lowest interest rate of the Classic range, with consequential lower loan-to-values. Therefore, the Super Lite plan suits those loooking for the lowest rate, but not such a large cash facility.

Their Classic 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 10% partial repayment facility, which enable it to be managed as an interest-only lifetime mortgage plan, Pure aim to offer this flexible equity release scheme to a wider generic audience of retirees.


The Pure Retirement Classic Drawdown Super Lite Plan is only available via a limited number of specialist equity release intermediaries, of which Equity Release Supermarket is one. They are geared towards those looking for flexibility & access to capital both immediately & throughout retirement, whenever demand arises.

The minimum property valuation for the Pure Retirement Classic Super Lite Plan is £125,000, with a maximum UK property value of £2 million. The property must be a main residence and be located within England, Wales, Mainland Scotland & Isle of Wight. Pure Retirement will only take 85% of the valuation into account when assessing the value of flats and maisonettes.

Pure Retirement will accept freehold properties within the UK, and leasehold properties in England & Wales. Pure's criteria for leaseholds is defined as a minimum of 90 years. Additionally, the age of the youngest applicant, plus the remaining term of the lease must total a minimum of 160 years.

The Pure Retirement Classic Drawdown Super Lite Plan is available upto a maximum of two applicants on a single & joint life basis. The minimum age at inception is 55 years, with a maximum age at entry of 84 (of the youngest).

The minimum loan for the Classic Super Lite plan is just £10,000, with a maximum release of £1 million. For loans greater than £1 million bespoke quotations maybe available, hence contact Equity Release Supermarket on Freephone 0800 802 1051 for your Pure Retirement personalised Key Facts Illustration.


Pure's Classic Drawdown Super Lite Lifetime Mortgage scheme is geared towards providing an initial cash lump sum, with access to an additional cash reserve facility in the future. The cash reserve can be tailored to suit the homeowners requirements. The minimum amount of cash that can be taken from the reserve facility is £2,000 & incurs no additional admin fees to make these withdrawals.

Another inheritance protection feature provided by the Pure Retirement Classic Super Lite is the Guaranteed Inheritance Feature. At no extra cost to the homeowner, Pure Retirement will automatically protect a proportion of the future sale value of the house based on the amount initially withdrawn. This will be amended as and when additional monies are drawn down.

The Classic Drawdown equity release plans come with a Downsizing Early Repayment Charge Exemption. This feature becomes effective should the homeowner decide to sell-up once the plan has been in force for 5 years. If the property they intend to move to does not meet Pure Retirement's lending criteria, then the loan can be repaid with NO penalty.

Pure offer a fixed early repayment charging (ERC) system on their Classic Super Lite product. These ERC's start at 10%, reducing by 1% per annum to year 10. The ERC is thereafter maintained at 1% to year 15, after which no penalty is then levied.

There is currently a generous free unlimited valuation on the Classic Drawdown range of drawdown plans, enabling a fee free entry on application.

All versions of the Pure Retirement Classic plans come with the industry recognised 'No Negative Equity Guarantee'. Pure Retirement are members of the Equity Release Council, therefore ensure that any beneficiaries cannot by burdened by any debt over & above the final value of the property.


Although the Pure Classic Drawdown scheme is a essentially designed as a roll-up lifetime mortgage, Pure have included a 10% Voluntary Payment Option. This allows the homeowner to make ad-hoc repayments of upto 10% of the original amount borrowed each year with NO penalty. The minimum amount that can be repaid is just £50 and a maximum of 12 repayments can be made every year. Hence, this can be managed as an interest-only mortgage with NO proof of income.

This can help manage the future balance of the plan, by allowing it to be operated on an interest-only, or even a 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 control.

*The Pure Classic Super Lite 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. Rate quoted is the fees-free option.
**The 3-year early repayment charge exemption applies to joint life applications should the loan be repaid within 3 years of death, or long term care of the partner.

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

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