Pure Retirement Classic Drawdown Lite

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Classic Drawdown Lite Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Pure Retirement Classic Drawdown Lite Review

Classic Drawdown Lite Key Details

Type Rate APR
Pure Retirement Fixed 2.91% 3.05%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • Fixed Early Repayment Charges
  • Downsizing Repayment Charge Exemption
  • Fees-Free Option*
  • 3-Year ERC Exemption**

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Pure Retirement Classic Drawdown Lite, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Pure Retirement Classic Drawdown Lite be the right equity release plan for you?
We’re here to help you:
Pure Retirement is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Pure Retirement?

Let’s find out!

Who Are Pure Retirement?

Pure Equity Realty is a locally owned and operated brokerage firm1 that prides itself on being a committed and well-educated group of real estate professionals that are always seeking to deliver the best possible service to their customers.
Pure Retirement Classic Drawdown Lite

Scheme Background

Pure Retirement, a lifetime mortgage lender and a leader in the retirement lending market for homeowners aged 55+.

Formed in 2014, Pure Retirements’ wealth of experience helped form its equity release plans both in the higher maximum loan part of the market and the lower competitive interest rate end.

Pure Retirement also aims to minimize set-up costs using cashback & 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.

Pure Retirement Classic Range

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 and Midi. The plans only differ in the size of the loans they will provide at certain ages and the consequent interest rate that Pure Retirement applies.

Classic Drawdown Equity Release Plans

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 aims to offer this drawdown equity release scheme to a wider generic audience of retirees.

Eligibility & Requirements

Only a small number of professional equity release intermediaries, including Equity Release Supermarket, provide the Pure Retirement Classic Drawdown Plans. They’re designed for those who want the flexibility and access to funds they need now and in the future, whenever the need arises.

Pure Retirement will consider both freehold and leasehold properties in the United Kingdom. Pure’s leasehold standards are stated as a minimum of 90 years. In addition, the youngest applicant’s age plus the remaining lease term must total a minimum of 160 years.

Minimum Property Valuation

The Pure Retirement Classic Plans have a minimum property value of £125,000 and a maximum UK property value of £2 million.

Property Location Requirements

The property must be the primary residence and must be located in England, Wales, Scotland (Mainland) or the Isle of Wight. When determining the value of flats and maisonettes, Pure Retirement will only consider 85 percent of the valuation.

Single vs Joint

On a single & joint life basis, the Pure Retirement Classic Drawdown Plan is accessible to a maximum of two applicants. The minimum age for entry is 55 years old, with a maximum age of 84 years old (of the youngest).

Minimum Release

The Classic Drawdown plan has a minimum loan of £10000 and a maximum discharge of £1 million. Customized quotations for loans more than £1 million may be available.

Scheme Features

Pure’s Classic Drawdown Lifetime Mortgage is designed to provide an initial cash lump amount, as well as future access to a cash reserve facility. The cash reserve can be customized to meet the needs of the homeowner. The minimum amount of cash that can be withdrawn from the reserve facility is £2000, and there are no additional fees for doing so.

The industry-recognized ‘No Negative Equity Guarantee’ is included in all variants of the Pure Retirement Classic plans.

Valuation Features

The Classic Drawdown series of drawdown plans is presently offering a generous free unlimited valuation.

Early Repayment Feature

The early repayment charges for this range of Classic plans from Pure Retirement and Rothesay have been clarified. Early repayment charges (ERCs) are stipulated in the Classic Drawdown Lite plan, which indicates that a fixed percentage of the amount repaid will be levied within a specified period. These begin at 10% and gradually decrease by 1% per year until year 10. After that, the ERC is kept at 1% until year 15, after which no penalty is imposed.

Equity Release Council Status

Because Pure Retirement is a member of the Equity Release Council, any beneficiaries will not be liable for any debts that exceed the property’s final valuation.

Joint Application Features

On a single & joint life basis, the Pure Retirement Classic Drawdown Plan is accessible to a maximum of two applicants. The minimum age for entry is 55 years old, with a maximum age of 84 years old (of the youngest).

Scheme Options

Despite the fact that the Pure Classic Drawdown plan is effectively a roll-up lifetime mortgage, Pure has added a 10% Voluntary Payment Option. This permits the homeowner to make yearly ad-hoc repayments of 10% of the original loan amount without incurring any penalties. The minimum amount that can be reimbursed is £500, and you can make up to 12 installments per year.

This can help manage the plan’s future balance, and it can be used on an interest-only or capital-and-repayment basis, or simply on an ad-hoc basis whenever the need arises. This is crucial for people who want to ensure that their beneficiaries receive some sort of inheritance.

Repayment Options

Their Classic Drawdown Equity Release Plans give an initial capital lump sum and a lower interest rate than their competitors in the market. Pure Retirement seeks to offer this drawdown equity release strategy to a broader generic audience of retirees by combining balance management measures with their flexible 10% partial repayment capacity, as well as a competitive lifetime mortgage interest rate.

Inheritance Protection

The Guaranteed Inheritance Feature is an inheritance protection feature offered by the Pure Retirement Classic Drawdown series. Pure Retirement will automatically secure a percentage of the future sale value of the house based on the amount initially withdrawn at no additional cost to the homeowner. As additional funds are drawn down, this will be updated.

Application Fees

On the Classic Drawdown range of drawdown plans, there is now a generous free unlimited valuation, allowing fee-free application.

Cashback Options

Pure Retirement also uses cashback and fee waivers on their drawdown and lump sum lifetime mortgage plans to reduce set-up costs.


*With the Pure Classic plan, you can choose whether or not to pay the application cost. The interest rate will rise as a result of choosing the fee-free agreement.

**If the loan is repaid within 3 years of death or long-term care of the spouse, the 3-year early repayment charge exemption applies to joint life applications.

Editor’s Rating: 4.94

Pure Retirement's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Pure Retirement.

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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