Pure Retirement Equity Release Plans Review 2024
Pure Retirement equity release products can be a great way to access the wealth tied up in your home. These plans allow you to access a lump sum of tax-free money while still allowing you to remain living in your own home.
You can also take smaller lump sums or no monthly repayments at all. Furthermore, with equity release, you will never owe more than the value of your home. This means any remaining equity can be left as an inheritance for your loved ones.
Example Of A Current Equity Release Plan Offering:
- Equity release at 4.65%.
- Free valuation for borrowers over the age of 55
- No monthly payments unless you prefer interest-only
- Continue to live in your home and retain 100% ownership
- You can still move home as this plan is transferable
- Can be utilised to optimise tax planning purposes
- Up to 68% loan to value
Release Equity From Your House As A Cash Sum Or Regular Payments. Please Enter Your Requirements Below:
If you’re 55 or over, there’s a great chance to make your finances and those of your family more secure.
Equity release schemes can unlock the money tied up in your home and give you access to it.
Though the UK economy has been turbulent recently, many equity release products are still available, with competitive interest rates, significant loan-to-value ratios and long-term safeguards.
You don’t have to worry about sacrificing an inheritance – an inheritance protection feature allows you to set aside some of the value of your house so it’s always passed on to future generations. No matter how large the loan becomes, a proportion of the property’s value will be kept out of reach.
Fill in our online form now for a no-obligation equity release quote – security is assured, it only takes a couple of minutes, and there’s no obligation whatsoever.
Pure Retirement Equity Release Plans for 2024
With pure retirement equity release you can buy a house in Durham with equity release. So you pay some money and get equity release on the rest of the purchase price.
Do any of the following questions apply to you?
- Do you have a mortgage you would like to get paid off sooner rather than later?
- Do you need money for repairs or home improvements? Like a new conservatory or bathroom.
- Would you like to help a family member buy their first property?
- Would you like to pay off all your credit cards and loans and have zero monthly payments?
- Would you like a better lifestyle, change your car or have a well-deserved holiday like a cruise?
Pure Retirement Equity Release In A Nutshell
Pure Retirement is a Leeds-based mortgage provider, exclusively providing equity release plans to the over 55 homeowner market.
They’ve consecutively won the Equity Release Awards for the past three years, which is accreditation to their advisor support and bespoke equity release plans aligned with customer needs rather than based on returns for shareholders.
Pure Retirement is a lesser-known brand with consumers. The first time people hear of Pure Retirement equity release plans is through their advisor. This is done to ensure their customers are only taking out an equity release plan after receiving professional advice.
It’s a strategic approach that lets them ensure only fully informed customers are applying, and they can keep their overheads down by avoiding advertising fees.
That then makes Pure Retirement equity release plans more affordable to you. That idea is good in theory, but in practice, how well do Pure Retirement equity release plans work?
A Comprehensive Deep Dive Into Pure Retirement Equity Release Plans
To save you the time and hassle of searching through various Pure Retirement equity release reviews, we’ve compiled all the information you need to know about their various plans here.
Pure Retirement has two equity release plans for customers to choose from: the Pure Heritage Plan and the Pure Sovereign Plan.
About the Pure Heritage Plan
Pure Heritage is suitable for homeowners aged 55 and over with a property valued at £70,000 minimum, or in the case of ex-council homes, the minimum valuation is £100,000.
Using the drawdown facility, the maximum upper borrowing limit is £600,000 for homes in England or £250,000 for homes in Scotland or Wales. Pure Retirement Equity Release plans don’t cover the Northern Ireland region.
Their loan to values (LTVs) range from 19% to 68%. As with all equity release providers, the older you are at the time of your application, the higher the LTV they’ll apply.
The 68% is for those over the age of 85 applying for a Pure Heritage plan. With this, the minimum first advance is £10,000, with a minimum of £5,000 left as a reserve for the drawdown facility.
They allow up to six partial repayments each year with a minimum of £500 per payment, but that can’t exceed 10% of your total advance in any year. Should you exceed the maximum repayable each year, an early repayment charge can be up to 25%. However, the early repayment charges are waived if you need to repay the loan in full because of going into long-term care.
An ERC-free period also kicks in once a person on a joint plan passes, provided the entirety of the loan is repaid within three years of one policyholder passing.
The Pure Sovereign Plans
Pure Sovereign plans from Pure Retirement are flexibility-rich. With these plans, there are enhanced features for later-life borrowing, adding in portability and free repayments for when customers move into long-term care.
There’s downsizing protection, too so even if you don’t need to move into long-term care or assisted living but would benefit from downsizing from a house to a bungalow, there’s protection here, letting you repay your home loan free from early repayment charges.
With many equity release providers, porting an equity release plan to a new property is complicated. What Pure Retirement has done with the Sovereign range is increase the types of properties suitable for porting that wouldn’t usually be suitable with standard porting methods. The only requirement is that you’ve had your plan in place for five years.
After that, you can move to another more suitable type of equal value property or use the downsizing protection element to repay the loan in full, free from early repayment charges.
In terms of eligible property types, the minimum valuation is £70,000, and that includes ex-council properties in addition to flats, maisonettes, flat-roof properties and the very rare properties with roofs that have privately owned solar panels, which aren’t popular among most equity release providers.
Overall, the Sovereign range of equity release plans from Pure Retirement opens up equity release for a number of homeowners who’d be suitable for equity release but lack the type of property general plan providers accept, and they don’t penalise your LTV based on the type of property either.
Among the Sovereign plans, there are options to release a cash lump sum or use a drawdown facility. There are four types of drawdown options, each suitable for various amounts of further borrowing suited to your needs.
You can choose to take your cash as a one-time lump sum or use a drawdown facility that’s capped at either 1x or 1.5x your initial advance or capped at your maximum LTV. By putting a cap on future borrowing, you can take advantage of equity release while also restricting the amount of potential interest your loan could accrue over the term of your lifetime mortgage.
No Negative Guarantee On All Plans
As full-fledged members of the Equity Release Council, all Pure Retirement equity release plans benefit from the mandatory no-negative guarantee the Equity Release Council insist on for responsible lending in later life borrowing.
No matter how much you borrow, your home will always cover the cost of borrowing. Beneficiaries of your estate will not inherit any debts should your home need to be sold for less than the loan amount repayable.
Guaranteed to be Suitable Before You Apply
Pure Retirement only works with a select panel of expert advisors. You cannot approach them directly to apply for an equity release plan you think you may be suitable for.
It would help if you were evaluated and approved by a qualified equity release adviser before being able to apply. Your Pure Retirement advisors will then advise on the Heritage and Sovereign plans to find one that best meets your loan needs.
You also have the flexibility of features such as ERC-free periods, downsizing protection, the ability to transfer your plan to a new property, plus support for planning for possible future scenarios, such as if you need long-term care facilities.
One of the advantages of Pure Retirement being exclusively focused on equity release instead of a variety of homeowner loans is that they’re better equipped to identify customer needs later in life, discuss those with you and get you onto the most appropriate plan with safeguards integrated into your policy.
How Much Does it Cost?
Despite searching far and wide, no Pure Retirement equity release calculator will give you an exact cost of borrowing based on the number of years the plan is active.
However, there are fixed fees and contribution-based allowances that make the equity release plans from Pure Retirement more affordable.
The only fees payable are the arrangement fee, which, at the time of writing, costs £895. There is no property valuation fee payable as Pure Retirement will cover this as it’s for their use only so that they can calculate the maximum they can lend to you based on the current market value of your home.
In addition to your arrangement fees, you’ll also be responsible for paying your own legal fees and any advice fees from any advisor you choose.
Depending on the plan you choose, cashback options are available occasionally, as well as contribution fee assistance to contribute towards your legal fees.
Your equity release adviser will be able to provide more details on the contributions available from Pure Retirement for their Equity Release plans, provided you are suitable for any of their products.
Please note that the Pure Retirement logo is a trademark of Pure Retirement Ltd, with which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.
Pure Retirement Equity Release Contact Details:
Address: 3175 Century Way, Thorpe Park, Leeds LS15 8ZB.
Telephone: +44 113 366 0599
E-Mail: info@pureretirement.co.uk
Web: https://www.pureretirement.co.uk/
FCA Reference Number: 582621