Pure Retirement Sovereign Drawdown
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Pure Retirement Sovereign Drawdown Review
Sovereign Drawdown Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.8% | 3.00% |
Scheme Incentives
- Cashback
- Free Valuation
- Free Application
- Legal Fees Contribution
Scheme Offers
- Cashback Options
- 3-Year No Early Repayment Charge**
- Downsizing 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 Sovereign 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 in’s and out’s of equity release, as you deserve only the best.
However, 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.
- Detailed information about the Sovereign Drawdown scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Sovereign Drawdown product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage 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. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
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 Sovereign Plan is tailored to homeowners seeking a custom equity release plan that meets their needs both now and in retirement.
Minimum Property Valuation
This Pure Retirement Lifetime Mortgage requires a minimum home worth of £70,000, with no upper limit.
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. Pure’s higher loan-to-value packages have a 60-year-old minimum start-up age. Pure Retirement’s Sovereign drawdown plans include a maximum age limit of 90.
Minimum Release
The Pure Retirement Drawdown scheme has a minimum release of £10000 or £45000, depending on the original loan and interest rate. The size of the cash reserve facility chosen also influences the sort of sovereign plan chosen. Rather than the standard cash reserve of the remaining unused money, the Sovereign plan provides a choice of drawdown options: 1x the first loan and 1.5x the initial loan. The interest rate is lower the lower the withdrawal facility.
Scheme Features
This Pure Retirement 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 cash reserve facility has a maximum limit of £1 million. 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 £2000 minimum withdrawal amount from the cash reserve facility, with 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.
Valuation Features
A generous free valuation is available on houses worth up to £6 million.
Early Repayment Feature
The fees for early repayment are predetermined and are determined by the alternatives chosen. These run for ten years and start at either an 8% or a 10% penalty, gradually decreasing over time.
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. Pure’s higher loan-to-value packages have a 60-year-old minimum start-up age. Pure Retirement’s Sovereign drawdown plans include a maximum age limit of 90.
Scheme 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.
Repayment Options
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.
Inheritance Protection
Pure Retirement Life plan updates are still in the works. We will give an update soon.
Application Fees
Pure Retirement also uses fee exemptions on their drawdown and lump sum lifetime mortgage plans to reduce set-up costs. As a result, the Pure Retirement Classic plans have some of the lowest interest rates and application costs-to-market equity release schemes on the market.
Cashback Options
Pure Retirement also uses cashbacks and fee waivers on their drawdown and lump sum lifetime mortgage plans to reduce set-up costs. As a result, the Pure Retirement Classic plans have some of the lowest interest rates and application costs-to-market equity release schemes on the market.
Footnotes
Pure Retirement Life plan updates are still in the works. We will give an update soon.
Pure Retirement's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
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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