Pure Retirement Classic Elite Super Lite
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Pure Retirement Classic Elite Super Lite 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 in’s and out’s of equity release, as you deserve only the best.
However, 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.
- Detailed information about the Classic Elite Super Lite scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Classic Elite Super Lite product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
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
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
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.
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