Pure Retirement equity release

Pure Retirement launched its services back in 2014 and is the sister company to Age Partnership. The company’s services are entirely in the equity release segment, focusing on making the process as easy as possible for customers. In this review, we look at the company’s products and their benefits and help determine whether it’s the right provider for you.

Equity release products offered by Pure Retirement

The exact equity release products offered by Pure Retirement aren’t detailed on the company website. As a result, you’ll have to contact an advisor to discuss your options. It is clear that the company does offer lifetime mortgages.

Through these schemes, you can borrow a lump sum of money against the value of your property.

Through these schemes, you can borrow a lump sum of money against the value of your property. Typically, the amount you can borrow will depend on your age and property value. The more you borrow, the higher the cost. In addition to receiving the funds in a lump sum, you can also opt for a Drawdown lifetime mortgage scheme, where you receive the money in stages. This can help with reducing interest roll-up.

Repayment options

The company offers repayment at the end of your plan, meaning that you won’t have any monthly payments to make during the loan duration. When you pass away or go into full-time care, your house will be sold and the funds raised are used to cover the initial loan and the interest that’s compounded over time.

The company might offer other flexible repayment options. You should get in touch to discuss which are available to you. It’s also worth noting that the company’s lifetime mortgages are portable, so you can take them with you if you need to move house. Your new property, however, would need to meet the company’s requirements and lending criteria.

Eligibility requirements

To qualify for the company’s equity release products, you must be at least 55 years old. Your property will also need to meet specific criteria, such as a minimum value and condition. To discuss whether you’re eligible, contact the company to talk through your options.

Some lenders won’t accept your application if you still have a large amount to pay on your first mortgage.

Can you exit your Pure Retirement equity release plan early?

Lifetime mortgages are designed to last for the rest of your life, so it’s not optimal to exit a plan early. The company does allow for this, however, since there are situations where your circumstances change. In this case, the company might charge you an early repayment fee, which might be considered depending on how far you are into your plan.

Features and benefits of Pure Retirement equity release

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Pure Retirement is a company that is proud to focus solely on equity release products. Unlike with other lenders, you know that your equity release plan will have the company’s undivided attention. It’s also committed to being 100% transparent with customers from the get-go and aims to make the process as easy as possible.

Here are some other benefits to Pure Retirement:

• Easy to follow jargon and uncomplicated forms to ensure that you know exactly what you’re getting. The company states that all its written communication is done in plain English to minimise any confusion.
• Full member of the Equity Release Council
• Cash release applications can be made online for ease of use.
• The company only accepts applications from professional equity release financial advisors.
• A top customer service team at your disposal, trained on dealing with everyday issues faced by customers over 55.
• Pure Promise: A company commitment to ensure customers are treated fairly, with integrity, and that employees act professionally at all times.

How much does Pure Retirement equity release cost?

The cost of your plan will depend on your age, property value, and the type of plan you choose. It’s crucial that you consider precisely what you’ll need the funds for since borrowing more than you need can result in unnecessarily high-interest rates.

To give you an idea of the costs involved, we’ve put together an example quote below:

• A 65-year-old applicant with a property worth £350,000 could potentially borrow £125,565 at an average interest rate of 3.71%. That means the plan would cost £263,592 after 20 years (260 months). As you can see, by borrowing a large amount, the applicant would pay double the loan amount.

Pure Retirement advises that you discuss your options with a professional advisor before making a decision. There could be other financial solutions on the market that could be more favourable for you. You should also discuss with your family since an equity release scheme will considerably reduce the amount of inheritance you leave.

Overview of Pure Retirement equity release plan details

Pure Retirement Equity Release Plans

Pure Retirement equity release ratings

A great way to measure and compare the quality of equity release products is to check independent reviews from rating companies.

The British firm Defaqto awarded Pure Retirement a 4-star award for its Emerald Lump Sum, Heritage Drawdown, Heritage Freedom, and Sovereign Plan Drawdown plans. It also gave the company a 3-star award for its Classic Flexible Plan Drawdown, Classic Flexible Plan Lump Sum, and Sovereign Plan Lump Sum plans.

Is Pure Retirement equity release for you?

Pure Retirement is the right choice if you’re looking for a company that solely operates within the equity release market. Its employees are trained to deal with various types of issues. As a result, you will likely find an optimal deal. Another positive is the ease of use provided by the firm, with simple English written communication and no complicated jargon.

There is, however, a lack of information on the company site, which means you’ll have to get in touch with an advisor to find out exactly what products the company offers and which best suit you.