Pure Retirement
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
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Pure Retirement Review
Heritage Drawdown Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.69% | 3.9% |
Scheme Incentives
- Free Valuation
- Cashback
- Free Application
- Legal Fees Contribution
Scheme Offers
- Legal Fee Contributions*
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, 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 Heritage Drawdown 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 Heritage Drawdown product.
What’s Equity Release?
An equity release mortgage (see What’s Equity Release?) 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.
We’ve summed up the most important information about the topic in this quick video.
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 it’s 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 minimise set-up costs using cashbacks & 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 apply.
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 aim to offer this drawdown equity release scheme to a wider generic audience of retirees.
Eligibility & Requirements
The Pure Retirement Heritage Plan is developed particularly for homeowners searching for a customised equity release plan that can meet their needs now and in retirement.
The minimum home valuation for this Pure Retirement Lifetime Mortgage is £70,000, with no upper limit. For ex-council or ex-MOD homes, the Heritage plan requires a minimum valuation of £100,000 Contact the team for a customised estimate for property assessments higher than £2 million.
To be eligible, the property must be located in England, Wales, or mainland Scotland and must be the proprietors primary residence.
Pure Retirement’s drawdown equity release is offered for both single and joint life, with a minimum age of 55 for both the youngest homeowner and joint applicants. The Heritage series of drawdown programs has no maximum age limit.
The Pure Heritage Drawdown plan has a minimum release of £10,000 and a maximum total financial facility available of £800,000 in England and £250,000 in Wales and mainland Scotland. The size of the cash reserve facility chosen will be determined by the version of the Heritage plan chosen. The cash reserve secured will be the remaining unused monies after the first cash lump payment is withdrawn.
Because of the numerous alternatives available, it’s always a good idea to speak with your local Equity Release Supermarket consultant and obtain a bespoke Pure Retirement Heritage Key Facts Illustration.
Minimum Property Valuation
The minimum home valuation for this Pure Retirement Lifetime Mortgage is £70,000, with no upper limit. For ex-council or ex-MOD homes, the Heritage plan requires a minimum valuation of £100,000 Contact the team for a customised estimate for property assessments higher than £2 million.
Property Location Requirements
To be eligible, the property must be located in England, Wales, or mainland Scotland and must be the proprietors primary residence.
Single vs Joint
Pure Retirement’s drawdown equity release is offered for both single and joint life, with a minimum age of 55 for both the youngest homeowner and joint applicants. The Heritage series of drawdown programs has no maximum age limit.
Minimum Release
The Pure Heritage Drawdown plan has a minimum release of £10,000 and a maximum total financial facility available of £800,000 in England and £250,000 in Wales and mainland Scotland. The size of the cash reserve facility chosen will be determined by the version of the Heritage plan chosen. The cash reserve secured will be the remaining unused monies after the first cash lump payment is withdrawn.
Scheme Features
This Pure Retirement Heritage Drawdown plan offers a tax-free lump sum cash release for immediate usage, with any leftover unused funds held in a cash reserve facility. The reserve fund is perfect for people who want urgent income but want to know that their customized drawdown facility will be available in the future, which can be critical for certain elderly homeowners.
Pure Retirement offers a lifetime fixed equity release interest rate on the initial lump amount with each drawdown program. Any future withdrawals will be subject to the interest rate that was in effect at the time. As a result, various interest rates may be applied to different tranches.
The minimum withdrawal amount from the cash reserve facility is £2,000, and there are no extra administrative fees for any higher drawdown amounts. Cash withdrawals can be made as frequently as desired, up to the maximum loan limit set by Pure Retirement.
On this Pure Heritage plan, early repayment costs (ERC) are fixed over a 15-year term. These begin at 10% in year one and decrease by 1% each year until year ten, then by 1% until the fifteenth year, when no early repayment costs apply. There are a few instances when ERCs would not be applicable. Please contact your local Equity Release Supermarket advisor for detailed requirements.
Pure Retirement is a member of the Equity Release Council, thus all plans include a no-negative equity guarantee. As a result, if the property is eventually sold due to death or long-term care, the beneficiaries cannot be left with personal debt owed to the equity release lender.
Early Repayment Feature
On this Pure Heritage plan, early repayment costs (ERC) are fixed over a 15-year term. These begin at 10% in year one and decrease by 1% each year until year ten, then by 1% until the fifteenth year, when no early repayment costs apply. There are a few instances when ERCs would not be applicable. Please contact your local Equity Release Supermarket advisor for detailed requirements.
Equity Release Council Status
Pure Retirement is a member of the Equity Release Council, thus all plans include a no-negative equity guarantee. As a result, if the property is eventually sold due to death or long-term care, the beneficiaries cannot be left with personal debt owed to the equity release lender.
Scheme Options
Pure Retirement offers a variety of fee contribution packages and cashbacks towards the establishment of these equity release UK plans. Because of their aid with start-up expenses, they are one of the cheapest companies to set up an equity release mortgage with.
Pure Retirement occasionally has special deals that can boost these cashbacks even more, so it’s always worth calling the team or checking our ‘Latest Offers’ page.
The Pure Heritage plan allows you to make voluntary repayments of up to 10% of your loan balance each year with no penalty. The only requirements for these partial payments are that they be a minimum of £500 and that the amount cannot fall below the original advance of £10,000. Finally, each year, a maximum of six partial payments are permitted.
There is no obligation to make any repayments under Pure’s drawdown programs; however, making voluntary ad hoc payments can assist manage the lifetime mortgage’s future amount.
*The Pure Heritage plan allows you to choose whether or not to pay the application cost. Selecting the fee-free option will result in an increase in the interest rate.
** The 3-year no early repayment fee applies to shared life plans where the loan can be returned within 3 years of a partner’s death or long-term care with no penalty.
***The Heritage Drawdown plan mentioned above has an application cost of £895, and Pure offers a £400 contribution towards legal bills with no payback.
To find out more about the Pure Retirement Heritage Drawdown plan or to seek a quote, call the team now.
Repayment Options
The Pure Heritage plan allows you to make voluntary repayments of up to 10% of your loan balance each year with no penalty. The only requirements for these partial payments are that they be a minimum of £500 and that the amount cannot fall below the original advance of £10,000. Finally, each year, a maximum of six partial payments are permitted.
Application Fees
*The Pure Heritage plan allows you to choose whether or not to pay the application cost. Selecting the fee-free option will result in an increase in the interest rate.
** The 3-year no early repayment fee applies to shared life plans where the loan can be returned within 3 years of a partner’s death or long-term care with no penalty.
***The Heritage Drawdown plan mentioned above has an application cost of £895, and Pure offers a £400 contribution towards legal bills with no payback.
Cashback Options
Pure Retirement occasionally has special deals that can boost these cashbacks even more, so it’s always worth calling the team or checking our ‘Latest Offers’ page.
Pure Retirement's Other Equity Release Schemes
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