Pure Retirement Heritage Drawdown
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How Much Can You Release? 👇
Pure Retirement Heritage Drawdown Scheme Review
Heritage Drawdown Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.69% | 3.9% |
Scheme Incentives
- Cashback
- Free Valuation
- Free Application
- Legal Fees Contribution
Scheme Offers
- Cashback Options
- 10%pa Voluntary Payments
- 3-Year No Early Repayment Charge**
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 Heritage Drawdown, 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.
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 Pure Retirement Heritage Plan is tailored to homeowners seeking a custom equity release plan that meets their needs both now and in retirement.
The size of the cash reserve facility will be determined by the version of the Heritage plan adopted. Following the withdrawal of the original cash lump amount, the cash reserve secured will be the remaining unused monies.
Minimum Property Valuation
This Pure Retirement Lifetime Mortgage requires a minimum home worth of £70,000, with no upper limit. For ex-council or ex-MOD houses, the Heritage plan requires a minimum valuation of £100000.
Property Location Requirements
To be accepted, the property must be located in England, Wales, or mainland Scotland and must be the homeowner’s primary residence.
Single vs Joint
Pure Retirement offers drawdown equity release on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and also for joint applicants. The Heritage range of drawdown schemes has no maximum age limit.
Minimum Release
The Pure Heritage Drawdown scheme has a minimum release of £10000, with a maximum total cash facility of £800000 in England and £250000 in Wales and mainland Scotland.
Scheme Features
This Pure Retirement Heritage Drawdown plan gives you a tax-free lump sum cash release that you can use right away, with the rest of your money going into a cash reserve account. The reserve fund is great for those who require immediate income while also knowing that their customised drawdown facility will be available in the future, which is critical for certain retired homeowners.
Pure Retirement’s drawdown plans provide a lifetime set equity release interest rate on the initial lump payment. Any future withdrawals will be subject to the interest rate that was in effect at the time. As a result, various interest rates might be applied to different tranches.
There is a £2,000 minimum withdrawal amount from the cash reserve facility, and there are no additional administration fees for any additional withdrawal amounts. Cash withdrawals can be made as frequently as needed up to Pure Retirement’s maximum lending limit.
Early Repayment Feature
The Heritage plans’ early repayment charges (ERC) are variable and follow the FT-SE 15-Year Gilt Index. Depending on the fluctuation in the gilt index, the ERC can range from 0 to 25% of the cash advance. When ERCs are not used, there are certain exceptions listed below. Please contact your local Equity Release Supermarket adviser for precise criteria.
Equity Release Council Status
Because Pure Retirement is a member of the Equity Release Council, all of their plans come with a no-negative equity guarantee. As a result, the beneficiaries cannot be left with personal debt owed to the equity release lender once the property is eventually sold due to death or long-term care.
Joint Application Features
Pure Retirement offers drawdown equity release on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and also for joint applicants. The Heritage range of drawdown schemes has no maximum age limit.
Scheme Options
Pure Retirement offers a variety of fee contribution packages as well as cashbacks to help with the setup of these equity release UK programs. Because of their aid with set-up fees, they are one of the cheapest companies to set up an equity release mortgage with.
Pure Retirement's Other Equity Release Schemes
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