Pure Retirement Heritage Freedom 40 Max

Are You Considering the Heritage Freedom 40 Max 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 Freedom 40 Max Scheme Review

Heritage Freedom 40 Max Key Details

Type Rate APR
Pure Retirement Fixed 4.1% 4.3%

Scheme Incentives

  • Cashback
  • Free Valuation

Scheme Offers

  • 3-Yr Early Repayment Charge Exemption
  • Fixed Early Repayment Charges

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 Freedom 40 Max, 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 Freedom 40 Max 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!

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.
Here’s a range of Pure Retirement release plans you can choose from.
Pure Retirement Heritage Freedom 40 Max

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 Heritage Freedom 40 plan selection is based on the size of the cash reserve facility first selected. They begin with the basic Freedom 40 plan, which has the lowest loan-to-value ratios, and work their way up to the Heritage Freedom 40 Max Plus plan, which has the greatest LTVs.

Minimum Property Valuation

This Pure Retirement Freedom 40 Max Lifetime Mortgage requires a minimum property valuation of £70,000, with no upper limit. A minimum valuation of £100000 would apply to ex-council or ex-MOD houses.

Property Location Requirements

The secure address, which must also be the primary residence, must be in England, Wales, or Scotland’s mainland.

Single vs Joint

With a minimum age of 55 for the youngest homeowner, the Heritage Freedom 40 Max interest-only plan is offered on both a single and joint life basis. All of the current Heritage interest-only plans have no maximum age limit.

Minimum Release

The Freedom 40 Max lifetime mortgage 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

The initial tax-free lump sum cash release for immediate usage is provided through this Pure Retirement Heritage interest-only plan, with the remaining unused cash held in a cash reserve facility. 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 interest-only plans include a lifetime fixed 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. Hence, different tranches can have different interest rates applied.

There is a £5000 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 Freedom 40 Max plans have fixed early repayment charges (ERC). They begin at 10% of the outstanding debt in the first year, gradually decreasing by 1% per year until they reach 1% in the tenth year. After that, the penalty remains at 1% until year 15, after which there is no penalty. 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 its plans are guaranteed to have no negative equity. This means that 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

With a minimum age of 55 for the youngest homeowner, the Heritage Freedom 40 Max interest-only plan is offered on both a single and joint life basis. All of the current Heritage interest-only plans have no maximum age limit.

Scheme Options

The Pure Heritage Freedom 40 Max plan allows you to make voluntary repayments of up to 40% per year without incurring any penalties. The only requirements for these partial payments are that they be a minimum of £500 and that the total after repayment does not fall below the initial loan of £10,000. Finally, each year, a maximum of 12 partial payments are permitted.

Repayment Options

On Pure’s interest-only plans, there is no obligation to make any payments; nevertheless, making voluntary ad-hoc payments can help manage the lifetime mortgage’s future balance. Because the plan allows for 12 payments each year, it can be maintained as an interest-only lifetime mortgage, keeping the balance constant during the period.

Because the plan has a voluntary payment ceiling of 40%, it can be repaid significantly faster than other plans. It allows you to repay up to 40% of the original loan amount each year with no penalty (up to a maximum of £10000). If you’re thinking about paying off an equity release plan early, this product could help you avoid paying early repayment penalties.

Cashback Options

Pure Retirement offers a variety of fee contribution and return options to help with the setup of this equity release UK scheme. 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 occasionally has unique offers that will boost your cashback even more.


*The 3-year no early repayment charge applies to joint life plans in which the loan can be repaid without penalty within 3 years of a partner’s death or long-term care.

**The Heritage Freedom 40 Max plan mentioned above has an application charge of £895 and a £600 legal fee payment from Pure.

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.

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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.

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