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 in the higher maximum loan end of the market. 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 & 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 two versions of the Classic Drawdown plans – the Standard & Lite. The rate quoted is the Classic Drawdown Lite plan. The plans only differ in the size of the loans they will provide at certain ages and the consequent interest rate that Pure Retirement apply.
Their Classic 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 10% 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.
The Pure Retirement Classic Drawdown Plans are 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 Plans is £100,000, with a maximum UK property value of £1.5 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 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 80 (of the youngest).
The minimum loan for the Classic Drawdown plan is higher than most providers at £20,000, with a maximum release of £460,000. For loans greater than £460,000, bespoke quotations maybe available, hence contact Equity Release Supermarket on 0800 678 5955
for your Pure Retirement personalised Key Facts Illustration.
Pure’s Classic plans are drawdown lifetime mortgage schemes which aim to provide an initial cash lump sum, with access to an additional cash reserve facility in the future. The cash reserve is capped at 2x the size of the initial tranche of money taken. The minimum amount of cash that can be taken from the reserve facility is £5,000 & incurs no additional admin fees to make these withdrawals.
Another inheritance protection feature provided by the Pure Retirement Classic Drawdown range 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 drawndown.
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.
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 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 10% of the original amount borrowed each year with NO penalty, after the plan has been running 6 months.
This can help manage the future balance of the plan, and can therefore be operated on an interest-only or 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 Retirement Classic 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.
To obtain further information, or to request a personalised quotation on the Pure Retirement Classic Drawdown Schemes, please contact the Equity Release Supermarket team on 0800 678 5955