Pure Retirement Classic Lump Sum Supreme Plus

Are You Considering the Classic Lump Sum Supreme Plus 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 Plus Review

Classic Lump Sum Supreme Plus Key Details

Type Rate APR
Pure Retirement Fixed 4.3% 4.43%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • Fixed Early Repayment Charges
  • Downsizing Repayment Charge Exemption
  • Fees-Free Option*
  • 3-Year ERC Exemption**
Pure Retirement Classic Lump Sum Supreme Plus

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 Plus, 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.

Could the Pure Retirement Classic Lump Sum Supreme Plus 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!

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?

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Most popular reasons for releasing equity

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.
Learn more about the various Pure Retirement equity release schemes..

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 specialist equity release intermediaries, like Equity Release Supermarket, provide the Pure Retirement Classic Lump Sum Supreme Plus. The plan is designed for customers who want a larger capital amount in exchange for a lower interest rate. The Classic Supreme Plus plan, when combined with the flexibility of being able to manage the future amount, offers a plethora of appealing options for the suitable homeowners looking for a larger lump payment.

Minimum Property Valuation

The Pure Retirement Classic Lump Sum Supreme Plus 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 Plus 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 Supreme Plus plan has a low initial loan of £10000 and a maximum release of £1 million in England and £515000 in Wales and Scotland.

Scheme Features

Pure’s Classic Supreme Plus 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 Plus 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 Plus plans.

Valuation Features

The Classic Supreme Plus series of lump payment plans is presently offering a substantial 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 Supreme Plus 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.

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 Plus 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 incorporated a 10% Voluntary Payment Option in the Classic Lump Sum Supreme Plus 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

Pure have included a 10% Voluntary Payment Option. This allows the homeowner to make ad-hoc repayments of 10% of the original amount borrowed each year with NO penalty, immediately after the plan has started. The minimum amount that can be repaid is £50 and a maximum of 12 repayments can be made in any one year.

Inheritance Protection

Pure Retirement Life plan updates are still in the works. We will give an update soon.

Application Fees

On the Classic Supreme Plus 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

*With the Pure Classic Lump Sum Supreme Plus Plan, you can choose whether or not to pay the application cost. 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.

Editor’s Rating: 4.85

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.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

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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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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How Much Can You Release?

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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.
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Written by
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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.
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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.
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Written by
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Financial Planning Reporter

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.
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Written by
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Writer & Financial 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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