Pure Retirement Classic Elite Super Lite
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Pure Retirement Classic Elite Super Lite Scheme Review
Classic Elite Super Lite Key Details
Type | Rate | APR | |
---|---|---|---|
Fixed | 2.77% | 2.83% |
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 Elite Super 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.
- We'll provide detailed information about the Classic Elite Super Lite scheme.
- We’ll help you assess whether this plan could be right for you and your family.
- We'll explain how low the current interest rates are for the Classic Elite Super Lite product.
Let’s find out!
Who Are Pure Retirement?
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
The Pure Retirement Classic Elite Lump Sum Super Lite is developed exclusively for homeowners in England who have greater property values and want a larger tax-free lump sum than standard.
Minimum Property Valuation
This Pure Retirement Lifetime Mortgage requires a minimum property appraisal of £2 million and a maximum valuation of £5 million.
Property Location Requirements
To be accepted, the property must be located solely in England and must be the homeowner’s primary residence.
Single vs Joint
The Classic Elite equity release mortgage from Pure Retirement is offered on a single or joint life basis, with a minimum age of 55 for the youngest homeowner and a maximum age of 84 for the oldest homeowner at the time of application.
Minimum Release
The Pure Retirement Max Drawdown plan has a minimum equity release of £100000 and a maximum equity release of £1850000.
Scheme Features
The Pure Retirement Classic Elite Lump Payment plan was created for property owners with a greater net worth who want a larger than normal equity release lump sum.
This Pure Retirement Lifetime Mortgage scheme gives a one-time tax-free cash lump amount that the homeowner can utilise right away. Pure Retirement intends to offer not only some of the highest maximum loans, but also some of the lowest set-up charges, potentially putting the most money in the hands of the homeowner.
Pure Retirement’s Classic Elite plan includes a lifetime set equity release interest rate. Pure’s Classic plans are straightforward lump-payment programs with a fixed interest rate for the life of the loan, with the goal of providing an initial cash lump sum to spend as one pleases.
The industry-recognized ‘No Negative Equity Guarantee’ is included in all Pure Retirement Classic plans.
Valuation Features
The Classic Elite collection of lump sum plans is presently offering a substantial free unlimited valuation.
Early Repayment Feature
The early repayment charges for this range of Classic Elite plans from Pure Retirement and Rothesay have been clarified. Early repayment charges (ERCs) are stipulated in the Classic Elite Super Lite Lump Sum plan, which indicates that a fixed proportion 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.
Downsizing Early Repayment Charge Exemption is included in the Pure Classic Elite Super Lite Lump Sum equity release programs. If the homeowner decides to sell after the plan has been in place for at least 5 years, this feature kicks in. If the home they want to move to doesn’t fit Pure Retirement’s financing conditions, they can repay the loan with no penalties.
Equity Release Council Status
Because Pure Retirement is a member of the Equity Release Council, all of their plans come with a no-negative equity guarantee. As a result, the beneficiaries cannot be left with any personal obligation owed to the equity release firm if the property is sold after death or long-term care.
Joint Application Features
Pure Retirement’s Classic Elite equity release mortgage is available on both a single and joint life basis with a minimum age of 55 for the youngest homeowner and maximum age at the application of 84 for the oldest homeowner.
Scheme Options
Pure Retirement has incorporated a 10% Voluntary Payment Option in the Classic Elite Lump Sum Super Lite plan, which is essentially structured as a roll-up lifelong mortgage. This permits the homeowner to make ad-hoc repayments of 10% of the initial loan amount each year, with no penalty, right after the plan begins. The least amount that can be reimbursed is £50, with a total of 12 repayments allowed 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
A 10% Voluntary Payment Option has been incorporated in Pure Retirement. This permits the homeowner to make ad-hoc repayments of 10% of the initial loan amount each year, with no penalty, right after the plan begins. The least amount that can be reimbursed is £50, with a total of 12 repayments allowed per year.
Inheritance Protection
Pure Retirement Life plan updates are still in the works. We will give an update soon.
Application Fees
On the Classic Elite series of lump sum plans, there is now a generous free unlimited valuation, as well as the option of paying an application fee, allowing fee-free entry upon application to the program if desired.
Cashback Options
Pure Retirement also uses cashback and fee waivers on their drawdown and lump sum lifetime mortgage plans to reduce set-up costs. As a result, the Pure Retirement Classic plans have some of the lowest interest rates and application costs-to-market equity release schemes on the market.
Footnotes
*The Pure Classic Elite Super Lite Plan gives you the option of paying the application fee or not. 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.
Pure Retirement's Other Equity Release Schemes
Are you looking for a specific equity release scheme?
- Pure Retirement Classic Drawdown Lite (Drawdown)
- Pure Retirement Classic Elite Lump Sum Lite 1
- Pure Retirement Classic Elite Lump Sum Lite 2
- Pure Retirement Classic Elite Lump Sum Super Lite Plus 1
- Pure Retirement Classic Elite Lump Sum Super Lite Plus 2
- Pure Retirement Classic Elite Super Lite (Interest Only)
- Pure Retirement Classic Elite Super Lite (Voluntary Payment)
- Pure Retirement Classic Lite (Interest Only)
- Pure Retirement Classic Lump Sum Lite (Lump Sum)
- Pure Retirement Classic Lump Sum Super Lite (Lump Sum)
- Pure Retirement Classic Lump Sum Supreme (Interest Only)
- Pure Retirement Classic Lump Sum Supreme (Lump Sum)
- Pure Retirement Classic Lump Sum Supreme (Voluntary Payment)
- Pure Retirement Classic Lump Sum Supreme Plus (Interest Only)
- Pure Retirement Classic Lump Sum Supreme Plus (Lump Sum)
- Pure Retirement Classic Lump Sum Supreme Plus (Voluntary Payment)
- Pure Retirement Classic Super Lite (Drawdown)
- Pure Retirement Classic Super Lite (Interest Only)
- Pure Retirement Classic Super Lite (Voluntary Payment)
- Pure Retirement Drawdown
- Pure Retirement Drawdown+ Lite (Drawdown)
- Pure Retirement Heritage Drawdown (Drawdown)
- Pure Retirement Heritage Drawdown (DTV)
- Pure Retirement Heritage Drawdown (Fees Package)
- Pure Retirement Heritage Drawdown (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Fixed ERCs
- Pure Retirement Heritage Drawdown Fixed ERCs (DTV)
- Pure Retirement Heritage Drawdown Fixed ERCs (Fees Package)
- Pure Retirement Heritage Drawdown Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Max
- Pure Retirement Heritage Drawdown Max (DTV)
- Pure Retirement Heritage Drawdown Max (Fees Package)
- Pure Retirement Heritage Drawdown Max (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Max Fixed ERCs
- Pure Retirement Heritage Drawdown Max Fixed ERCs (DTV)
- Pure Retirement Heritage Drawdown Max Fixed ERCs (Fees Package)
- Pure Retirement Heritage Drawdown Max Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Max Plus
- Pure Retirement Heritage Drawdown Max Plus (DTV)
- Pure Retirement Heritage Drawdown Max Plus (Fees Package)
- Pure Retirement Heritage Drawdown Max Plus (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Max Plus Fixed ERCs
- Pure Retirement Heritage Drawdown Max Plus Fixed ERCs (DTV)
- Pure Retirement Heritage Drawdown Max Plus Fixed ERCs (Fees Package)
- Pure Retirement Heritage Drawdown Max Plus Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Midi
- Pure Retirement Heritage Drawdown Midi (DTV)
- Pure Retirement Heritage Drawdown Midi (Fees Package)
- Pure Retirement Heritage Drawdown Midi (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Midi Fixed ERCs
- Pure Retirement Heritage Drawdown Midi Fixed ERCs (DTV)
- Pure Retirement Heritage Drawdown Midi Fixed ERCs (Fees Package)
- Pure Retirement Heritage Drawdown Midi Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Plus
- Pure Retirement Heritage Drawdown Plus (DTV)
- Pure Retirement Heritage Drawdown Plus (Fees Package)
- Pure Retirement Heritage Drawdown Plus (Fees Package) (DTV)
- Pure Retirement Heritage Drawdown Plus Fixed ERCs
- Pure Retirement Heritage Drawdown Plus Fixed ERCs (DTV)
- Pure Retirement Heritage Drawdown Plus Fixed ERCs (Fees Package)
- Pure Retirement Heritage Drawdown Plus Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Freedom 40 (Drawdown)
- Pure Retirement Heritage Freedom 40 (Interest Only)
- Pure Retirement Heritage Freedom 40 (Voluntary Payment)
- Pure Retirement Heritage Freedom 40 Drawdown (DTV)
- Pure Retirement Heritage Freedom 40 Drawdown Max (DTV)
- Pure Retirement Heritage Freedom 40 Drawdown Max Plus
- Pure Retirement Heritage Freedom 40 Drawdown Max Plus (DTV)
- Pure Retirement Heritage Freedom 40 Drawdown Midi (DTV)
- Pure Retirement Heritage Freedom 40 Drawdown Plus (DTV)
- Pure Retirement Heritage Freedom 40 Lump Sum (DTV)
- Pure Retirement Heritage Freedom 40 Lump Sum Max (DTV)
- Pure Retirement Heritage Freedom 40 Lump Sum Max Plus
- Pure Retirement Heritage Freedom 40 Lump Sum Max Plus (DTV)
- Pure Retirement Heritage Freedom 40 Lump Sum Midi (DTV)
- Pure Retirement Heritage Freedom 40 Lump Sum Plus (DTV)
- Pure Retirement Heritage Freedom 40 Max (Drawdown)
- Pure Retirement Heritage Freedom 40 Max (Interest Only)
- Pure Retirement Heritage Freedom 40 Max (Voluntary Payment)
- Pure Retirement Heritage Freedom 40 Max Plus (Drawdown)
- Pure Retirement Heritage Freedom 40 Max Plus (Interest Only)
- Pure Retirement Heritage Freedom 40 Max Plus (Voluntary Payment)
- Pure Retirement Heritage Freedom 40 Midi (Drawdown)
- Pure Retirement Heritage Freedom 40 Midi (Interest Only)
- Pure Retirement Heritage Freedom 40 Midi (Voluntary Payment)
- Pure Retirement Heritage Freedom 40 Plus (Drawdown)
- Pure Retirement Heritage Freedom 40 Plus (Interest Only)
- Pure Retirement Heritage Freedom 40 Plus (Voluntary Payment)
- Pure Retirement Heritage Lump Sum
- Pure Retirement Heritage Lump Sum (DTV)
- Pure Retirement Heritage Lump Sum (Fees Package)
- Pure Retirement Heritage Lump Sum (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Fixed ERCs
- Pure Retirement Heritage Lump Sum Fixed ERCs (DTV)
- Pure Retirement Heritage Lump Sum Fixed ERCs (Fees Package)
- Pure Retirement Heritage Lump Sum Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Max
- Pure Retirement Heritage Lump Sum Max (DTV)
- Pure Retirement Heritage Lump Sum Max (Fees Package)
- Pure Retirement Heritage Lump Sum Max (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Max Fixed ERCs
- Pure Retirement Heritage Lump Sum Max Fixed ERCs (DTV)
- Pure Retirement Heritage Lump Sum Max Fixed ERCs (Fees Package)
- Pure Retirement Heritage Lump Sum Max Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Max Plus
- Pure Retirement Heritage Lump Sum Max Plus (DTV)
- Pure Retirement Heritage Lump Sum Max Plus (Fees Package)
- Pure Retirement Heritage Lump Sum Max Plus (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Max Plus Fixed ERCs
- Pure Retirement Heritage Lump Sum Max Plus Fixed ERCs (DTV)
- Pure Retirement Heritage Lump Sum Max Plus Fixed ERCs (Fees Package)
- Pure Retirement Heritage Lump Sum Max Plus Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Midi
- Pure Retirement Heritage Lump Sum Midi (DTV)
- Pure Retirement Heritage Lump Sum Midi (Fees Package)
- Pure Retirement Heritage Lump Sum Midi (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Midi Fixed ERCs
- Pure Retirement Heritage Lump Sum Midi Fixed ERCs (DTV)
- Pure Retirement Heritage Lump Sum Midi Fixed ERCs (Fees Package)
- Pure Retirement Heritage Lump Sum Midi Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Plus
- Pure Retirement Heritage Lump Sum Plus (DTV)
- Pure Retirement Heritage Lump Sum Plus (Fees Package)
- Pure Retirement Heritage Lump Sum Plus (Fees Package) (DTV)
- Pure Retirement Heritage Lump Sum Plus Fixed ERCs
- Pure Retirement Heritage Lump Sum Plus Fixed ERCs (DTV)
- Pure Retirement Heritage Lump Sum Plus Fixed ERCs (Fees Package)
- Pure Retirement Heritage Lump Sum Plus Fixed ERCs (Fees Package) (DTV)
- Pure Retirement Sovereign Drawdown (Drawdown)
- Pure Retirement Sovereign Drawdown A (Fees Package)
- Pure Retirement Sovereign Drawdown B
- Pure Retirement Sovereign Drawdown B (Fees Package)
- Pure Retirement Sovereign Drawdown C
- Pure Retirement Sovereign Drawdown C (Fees Package)
- Pure Retirement Sovereign Drawdown D
- Pure Retirement Sovereign Drawdown D (Fees Package)
- Pure Retirement Sovereign Drawdown E
- Pure Retirement Sovereign Drawdown E (Fees Package)
- Pure Retirement Sovereign Drawdown F
- Pure Retirement Sovereign Drawdown F (Fees Package)
- Pure Retirement Sovereign Elite Drawdown A
- Pure Retirement Sovereign Elite Drawdown B
- Pure Retirement Sovereign Elite Drawdown C
- Pure Retirement Sovereign Elite Lump Sum A
- Pure Retirement Sovereign Elite Lump Sum B
- Pure Retirement Sovereign Elite Lump Sum C
- Pure Retirement Sovereign Lump Sum (Lump Sum)
- Pure Retirement Sovereign Lump Sum A (Fees Package)
- Pure Retirement Sovereign Lump Sum B
- Pure Retirement Sovereign Lump Sum B (Fees Package)
- Pure Retirement Sovereign Lump Sum C
- Pure Retirement Sovereign Lump Sum C (Fees Package)
- Pure Retirement Sovereign Lump Sum D
- Pure Retirement Sovereign Lump Sum D (Fees Package)
- Pure Retirement Sovereign Lump Sum E
- Pure Retirement Sovereign Lump Sum E (Fees Package)
- Pure Retirement Sovereign Lump Sum F
- Pure Retirement Sovereign Lump Sum F (Fees Package)
Before You Go
How Much Can You Release? 👇
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