Pure Retirement Classic Lump Sum Supreme

Are You Considering the Classic Lump Sum Supreme 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 Lump Sum Supreme Scheme Review

Classic Lump Sum Supreme Key Details

Type Rate APR
Pure Retirement Fixed 3.93% 4.05%

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 Lump Sum Supreme, 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 Lump Sum Supreme 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.
Here’s a range of Pure Retirement release plans you can choose from.
Pure Retirement Classic Lump Sum Supreme

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 few specialised equity release intermediaries, like Equity Release Supermarket, offer the Pure Retirement Classic Lump Sum Supreme Plan. The plan is designed for customers who want a larger amount of capital in exchange for a lower interest rate. When you add in the ability to regulate future balance, the Classic Supreme is a clear winner. The Classic Supreme plan, when combined with the flexibility of being able to manage the future amount, offers a plethora of appealing options for the suitable homeowners searching for a larger lump payment.

Minimum Property Valuation

The Pure Retirement Classic Lump Sum Supreme Plan has a minimum property valuation of £125,000 and a maximum UK property value of £2 million.

Property Location Requirements

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

Pure will take both freehold and leasehold properties throughout the United Kingdom. Pure’s leasehold standards are stated as a minimum of 90 years.

Single vs Joint

On a single & joint life basis, the Pure Retirement Classic Lump Sum Supreme Plan is accessible to a maximum of two applicants. The youngest participant must be 55 years old at the start of the program, with the oldest participant being 84 years old.

Minimum Release

The Classic Lump Sum Supreme plan has a low initial loan of £10,000 and a maximum release of £1 million in England and £515,000 in Wales and Scotland.

Scheme Features

Pure’s Classic Supreme plans are straightforward lump sum lifetime mortgages with a set interest rate for the duration of the plan, with the goal of providing an initial cash lump sum to spend as one sees fit.

Downsizing Early Repayment Charge Exemption is included in the Pure Classic Lump Sum Supreme equity release plan. 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.

The industry-recognized ‘No Negative Equity Guarantee’ is included with all Pure Classic Lump Sum Supreme plans.

Valuation Features

On the Classic Supreme series of lump payment plans, there is now a substantial free unlimited valuation offer.

Early Repayment Feature

The early repayment rates for this range of Classic plans from Pure Retirement and Rothesay are now clear. Early repayment charges (ERCs) are stipulated in the Classic Supreme Lump Sum plan, which indicates that a fixed proportion of the repaid amount will be charged within a specified time frame. 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 Lump Sum Supreme Plan is accessible to a maximum of two applicants. The youngest participant must be 55 years old at the start of the program, with the oldest participant being 84 years old.

Scheme Options

Pure has introduced a 10% Voluntary Payment Option in the Classic Lump Sum Supreme scheme, 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 introduced by Pure. 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.

Application Fees

On the Classic Supreme series of lump sum plans, there is now a substantial free unlimited valuation offer, as well as a NO application charge option, allowing fee-free admission upon scheme 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. 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 Lump Sum Supreme Plan gives you the option of paying the application fee or not. The pricing displayed includes a £500 application fee. 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?

These are some of the schemes offered by Pure Retirement.

Before You Go

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Value of Your Home?

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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.

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