Pure Retirement Sovereign Lump Sum
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Pure Retirement Sovereign Lump Sum Review
Sovereign Lump Sum Key Details
- Free Valuation
- Free Application
- Legal Fees Contribution
- 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 Lump Sum, 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.
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 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
Sovereign lump sum equity release from Pure Retirement is offered on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and also for joint candidates. The minimum commencement age on Pure’s higher loan-to-value Sovereign products is 60. Pure Retirement’s Sovereign drawdown plans include a maximum age limit of 90.
The Pure Retirement Sovereign lump sum scheme has a minimum release of £10000 or £45000, depending on the original loan and interest rate.
This Pure Retirement Sovereign plan offers an immediate tax-free lump sum cash payout with no drawdown option. Any additional withdrawals would necessitate the completion of a new borrowing application form. As a result, various interest rates may apply to different tranches of funds.
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
Sovereign lump sum equity release from Pure Retirement is offered on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and also for joint applicants. The minimum commencement age on Pure’s higher loan-to-value Sovereign products is 60. Pure Retirement’s Sovereign drawdown plans include a maximum age limit of 90.
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 seeks to offer this drawdown equity release strategy to a broader generic audience of retirees by combining balance management measures with their flexible 10% partial repayment capacity, as well as a competitive lifetime mortgage interest rate.
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.
Pure Retirement also uses cashback 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.
Pure Retirement's Other Equity Release Schemes
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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.