Pure Retirement - Classic Drawdown Lite
Roll up Lifetime Mortgage
Rate: 3.70%
APR: 3.83%
Incentive Deal:
Offers: FREE Valuation Deal | No Application Fee Option* | 10%pa Voluntary Partial Payments | Fixed Early Repayment Charges | Downsizing Protection | Guaranteed Inheritance Protection

Pure Retirement are an award winning Yorkshire-based mortgage lender who have arrived in the equity release marketplace with a wealth of experience from some of the major providers in the industry. Pure base their lending solutions around an external funding source for their equity release schemes. The Pure Retirement Classic range of lifetime mortgage plans are funded by a leading UK insurer.

They offer two Classic Drawdown schemes - the Lite and Standard versions which are drawdown lifetime mortgages with differing loan-to-value ratios, dependent on which plan is selected.

These Pure Retirement equity release plans are only available via six specialist equity release advisor firms, of which Compare Equity Release has been selected. Compare Equity Release are therefore able to bring you Pure's market leading interest rates, which also include voluntary payments and fixed early repayment charges. Hence, Pure offer plenty of flexibility to suit a changing retirement landscape.

Aimed towards the lower end of the interest rate scale, the Classic Drawdown Lite Plan offer homeowners the flexibility of taking a lower initial release, with the prospect of taking ad-hoc withdrawals in the future, if or when required. The interest rate above applies to the Classic Drawdown Lite Plan.

The primary difference between them is the loan size available and the respective interest rate. So, choosing between the two will likely depend on the loan amount needed by the homeowner.

With the Pure Drawdown Classic Lite mortgage, the homeowner receives a one-time lump sum payment. The loans range from £20,000 to £460,000 and the amount available to the homeowner is decided based on the homeowner’s age and the value of the property. The homeowner is then allowed to pay up to 10% of the initial loan amount within any 12 month period. The repayment must start after the first six months following loan completion.

Homeowners must be between 55 and 80 years old to be eligible for the Drawdown Classic Lite. It is available on both single and joint lives basis but if borrowing jointly, the younger borrower must be at 80 years old or younger.

The property must be in mainland Scotland, Wales or England and must have a valuation between £100,000 and £1.5 million to qualify.
One of the flexible features of this equity release plan is the early repayment option.

The homeowner is allowed to make partial capital repayments following the first six months after loan completion. Payments can total up to 10% of the initial loan amount within any 12 month period. The payments must be at least £500 and the maximum number of payments that can be made each year is four. The outstanding loan amount must be at least £20,000 following each repayment.

Pure Retirement provide the industry standard no negative equity guarantee with this product. So, if the eventual sale of the property does not cover the outstanding loan balance, there is no debt owed to the lender by the homeowner’s estate.

This product is portable, so it can be moved to another property if the homeowner moves and wants to take the lifetime mortgage with them. There is also a downsizing protection in place which allows the homeowner to move to another property and repay their loan, so long as the sale of the property and the move take place at least 5 years after loan completion.

Early repayment charges are fixed for the first 15 years with this product. For the first five years, the rate is 6%. For years 5 to 10, the charge is 3% and for months 10 to 15, there is no early repayment charge incurred.

The Pure Retirement Drawdown Classic Lite is a suitable product for any homeowner who wants a lifetime mortgage but is also concerned with the impact of interest roll-up. This product is ideal for any homeowner who wants the freedom to make voluntary payments on their loan when they can, in order to keep their balance manageable.

Call the Compare Equity Release team on 0800 678 5169 for further details, or to request a quote on the Pure Retirement Classic Drawdown Lite lifetime mortgage.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Special deals with incentives to save you money
  • Free initial advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes from the whole of the equity release market:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement L&G Crown