Pure Retirement Heritage Drawdown

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Heritage Drawdown 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 Heritage Drawdown Review

Heritage Drawdown Key Details

Type Rate APR
Pure Retirement 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.

Could the Pure Retirement Heritage Drawdown 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?

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?

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.
Pure Retirement Drawdown

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.


Editor’s Rating: 4.93

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 or compare interest rates on equity release!

Before You Go!

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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.

rachel w

Rachel Wait
Personal Finance Journalist

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
John Lawson
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.

Reviewed by
Francis Hui
Senior Risk Manager

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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Katherine Read
Consumer Affairs Writer

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.

Nicola Date
Writer & 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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