The Pure Retirement Classic Elite Lump Sum plan has been developed for higher net worth property owners looking for a higher than average equity release lump sum.
This Pure Retirement Lifetime Mortgage scheme provides a one-off tax-free cash lump sum for immediate use and spend as the homeowner wishes. Pure Retirement aim to not only provide some of the highest maximum loans, but also the lowest set-up costs thus potentially creating the largest equity release sum in the hands of the homeowner.
The Classic Elite plan offered by Pure Retirement comes with a lifetime fixed equity release interest rate. Pure’s Classic plans are simple lump sum schemes with a fixed interest rate for the lifetime of the mortgage & aims to provide an initial cash lump sum to spend as one wishes.
The Pure Classic Elite Super Lite Lump Sum 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 a minimum of 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.
This range of Classic Elite plans between Pure Retirement and Rothesay have come with clarity over their early repayment charges. The Classic Elite Super Lite Lump Sum plan has defined early repayment charges (ERC’s) which means a fixed percentage of the amount repaid will be charged within a stated period. These 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 Elite range of lump sum plans, plus the option over whether to pay an application fee; thus enabling a fee-free entry upon application to the scheme, if desired.
All 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 and above the final value of the property.
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 upon death or long term care, the beneficiaries cannot be left with any personal debt owing to the equity release company.