Pure Retirement Sovereign Lump Sum

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

Are You Considering the Sovereign Lump Sum 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 Sovereign Lump Sum Review

Sovereign Lump Sum Key Details

Type Rate APR
Pure Retirement Fixed 2.75% 2.94%

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 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.

Could the Pure Retirement Sovereign Lump Sum 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.
Learn more about the various Pure Retirement equity release schemes.
Pure Retirement Sovereign Lump Sum

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

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.

Minimum Release

The Pure Retirement Sovereign lump sum scheme has a minimum release of £10000 or £45000, depending on the original loan and interest rate.

Scheme Features

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.

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

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.

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

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.

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 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.

Editor’s Rating: 4.75

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!

How Much Can You Release?

 

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Value of Your Home?

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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.
francis

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.
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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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