Pure Retirement Emerald F Voluntary Payment

Emerald F

Type Fixed
Rate 4.58%
APR 4.80%

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Incentives:

Free Valuation

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 lump sum 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 and the set up fees selected. All these elements will have a bearing on the subsequent interest rate that Pure Retirement apply.

The Emerald Lump Sum Equity Release Plans provide a one-off capital lump sum. Combining balance control measures with their flexible 12% partial repayment facility, along with competitive lifetime mortgage interest rate, Pure Retirement aim to offer this lump sum 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 lump sum 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 schemes.

The minimum release on this Pure Retirement lump sum 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 loan amount 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 Lump Sum lifetime mortgage plan provides a one-off tax-free lump sum cash release for immediate use.

This lump sum attracts a lifetime fixed equity release interest rate. Any additional borrowing in the future will have an interest rate that was applicable at that time. Hence, different loans can have different interest rate applied.

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 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 Lump Sum plan quoted above comes with an £895 application fee.

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

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Pure Emerald F Voluntary Payment Rates & Details

Emerald F

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Background

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Features

Options

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