Pure Retirement Classic Drawdown Lite
Roll up Lifetime Mortgage


Scheme Name: Pure Retirement Classic Drawdown Lite
Interest Rate: 3.70%
APR: 3.83%


Incentive Deal:

   

Reserve Facility

FREE Unlimited Valuation | Application Fee Waived* | 10%pa Partial Repayments | Fixed Early Repayment Charges | Downsizing Protection Feature
   

Full details:

Pure Retirement was established in 2014 and has been producing lifetime mortgage products for homeowners over the age of 55. The lender has a wealth of experience in equity release schemes and has created a number of products with different available options, all created with customisation in mind. Pure Retirement has been concerned with making sure products are kept at low interest rates with minimal costs imposed on the homeowner.

The Pure Classic Range offered by Pure Retirement is a range of drawdown lifetime mortgage plans funded by a leader in the UK life insurance market. There are two options available with the Classic Drawdown Plans. These are the Standard version and the Lite; the main difference between the two being the size of the loan available and the corresponding interest rate.

The Pure Drawdown Classic Lite product offers an initial lump sum payment to the homeowner with the repayment option of voluntarily repaying up to 10% of the initial loan within any 12-month period with no penalty. Payments can only start following the initial six months after loan completion. This option makes the product attractive to any homeowner who wants to take advantage of a lifetime mortgage, but also wants some level of control over the loan balance.

To be eligible for the Pure Retirement Classic Drawdown Lite plan, the homeowner must be between 55 and 80 years old. The product is available on both a single and joint life basis, but the youngest homeowner must be 80 or younger. The minimum release for the Classic Lite plan is £20,000, with a maximum £460,000.

The amount available to each individual homeowner depends on his/her unique circumstances including age, property value and the number of applicants. For a property to be eligible, it must be located in England, Wales or Mainland Scotland and must be valued between £100,000 and £1.5 million.

There are several options available with the Pure Drawdown Classic Lite. To start, the homeowner can choose to make partial capital repayments as early as 6 months after loan completion. Those payments can equal up to 10% of the initial loan available within any 12 month period. The minimum amount per payment is £500 and up to 4 payments can be made per year. The outstanding loan amount must be at least £20,000 following any payment.

There is a standard No Negative Equity Guarantee offered with this product. This means that if the amount owed exceeds the amount earned from the eventual sale of the property, the borrower will not leave any debt to family members. The lifetime mortgage can also be ported to another property, if necessary.

Early repayment charges are a fixed percentage of outstanding balance. During the months 0-60, the rate is 6%. For months 61-120, the charge is 3% and for months 121-180, there is no early repayment charge imposed. There are no early repayment charges applied at all if the homeowner chooses to downsize their property and move to another which doesn’t meet its property criteria standards. The downsizing must take place at least 5 years following loan completion.

The Pure Retirement Classic Drawdown Lite equity release plan is the ideal product for any homeowner who wants to take advantage of a lifetime mortgage product, but also wants the freedom to make payments against that loan, when possible, without being required to do so. This product offers several safeguards for any homeowner concerned with interest roll-up or leaving behind debt to beneficiaries.


Please call 0800 678 5159 for further details, or to request a Pure Retirement Classic Drawdown Lite quote.