Pure Retirement Drawdown+ Lite
Before You Start Reading...
How Much Can You Release? 👇
Pure Retirement Drawdown+ Lite Scheme Review
Drawdown+ Lite Key Details
- Free Valuation
- Free Application
- 3-Year No Early Repayment Charge
- 10% Voluntary Payments with No ERC
- 5-Year Downsizing Protection Feature
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 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.
Let’s find out!
Who Are Pure Retirement?
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 LV= Drawdown+ Lite Lifetime Mortgage plan combines a low interest rate with a drawdown option that allows future access to a tax-free cash reserve. Because no repayments to LV= are required, the balance will invariably roll-up and compound annually. Payment choices are accessible, however, if you need to keep track of your future debt.
The LV= Flexible Lifetime Mortgage requires a minimum property appraisal of £100000 and a maximum valuation of £5 million.
The home must be the primary residence and must be in England, Wales, or Scotland.
The LV= Flexible Lifetime Mortgage is available on a single or joint life basis, with a minimum age of 60 and a maximum age of 95 at the time of application.
The minimum initial loan amount for a drawdown equity release loan with LV= is £10000. The loan-to-value ratio is used to compute the total loan (initial lump sum + drawdown facility). This is determined by your age, property worth, and the Drawdown+ version you’re considering. The Drawdown+ Lite has a maximum borrowing amount of £1500000.
The LV= Drawdown+ Lite Lifetime Mortgage is a drawdown program that provides homeowners with an overall cash facility from which they can take an initial capital amount for immediate use while the lender retains any unused cash. There is no interest payable on these cash reserve facility funds; only on any capital that is actually withdrawn is interest levied.
The LV= drawdown mortgage scheme is ideal for homeowners who require a specific cash lump payment right away, but who also want to have access to a future cash pot. There are no additional administration fees for these further withdrawals, which can be as small as £1500 at a time.
On the initial lump payment, the LV= Drawdown+ Lite lifetime mortgage has a fixed lifetime equity release interest rate that is payable annually. Future cash withdrawals would be subject to the prevailing interest rate at the time of the withdrawal.
Because LV= is a member of the Equity Release Council, their plans include a guarantee of no negative equity. This means that if the property is sold due to death or long-term care, the beneficiaries cannot be left with an equity release company debt.
There is an additional protection element for the plan’s remaining survivor for joint applicants. If one of the homeowners dies or moves into care, the surviving partner has the option to repay the lifetime mortgage to LV= without penalty within three years of the event.
Based on the initial loan amount, this LV= Drawdown+ Lite Lifetime Mortgage will allow voluntary payments of up to 10% each year with no penalty. Payments may begin when the plan has been in effect for 12 months, with a maximum of six payments each mortgage year allowed. This is subject to a £250 minimum payment and the condition that the remaining loan balance is more than £10,000. For the next three months after a partial payment has been made, no withdrawals from the reserve are allowed.
If the complete cash reserve facility is used up, additional borrowing is available. This is subject to a £2000 minimum loan and will necessitate a separate borrowing application, as well as valuation and application fees.
Pure Retirement's Other Equity Release Schemes
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