Pure Retirement Drawdown+ Lite
Before You Start Reading...
How Much Can You Release? 👇
Featured In | |
Pure Retirement Drawdown+ Lite Scheme Review
Drawdown+ Lite Key Details
Type | Rate | APR | |
---|---|---|---|
Fixed | 3.03% | 3.1% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- 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.
- We'll provide detailed information about the Drawdown+ 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 Drawdown+ 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 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.
Scheme Features
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.
Scheme Options
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
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 (Lump Sum)
- 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 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? 👇
Featured In | |
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.