Pure Retirement - Drawdown Plan
Scheme Name: Pure Retirement - Drawdown Plan
Interest Rate: 5.88%
FREE Valuation | No Arrangement Fee Option | Fees package available upto £2,000 | Cashbacks upto 3%
Pure Retirement are an Equity Release company that bring new and innovative solutions into the lifetime mortgage marketplace. Following in the footsteps of existing providers, Pure are FCA regulated & members of the Equity Release Council.
Formed with a customer focus in mind, Pure Retirement aim to provide a simple and cost effective route to market by achieving higher cash releases than standard equity release schemes.
The Pure Drawdown Plan is the first offering from this Leeds based equity release company. Their current lending criteria accepts applications on properties situated in England, mainland Scotland & Wales with a minimum property valuation of £70,000.
The minimum age permitted is 60, with loan-to-values starting at 30%, which is higher than the majority of equity release plans. Pure Retirement's lowest initial release is just £10,000, with any unused funds being held in their cash reserve facility for future use, if required. These additional drawdowns have a minimum release of £5,000 allowable in the future with NO extra fees or charges levied.
The area where Pure Retirement score highly is their stance on the set up costs of their Pure Drawdown Plans. Homeowners looking for maximum releases, will require the least amount of fees to be deducted from their loan, in order to maximise the loan amount. This will help achieve the maximum NET lump sum they require and is useful for people paying off mortgages at retirement.
Pure Retirement therefore assists with set up fees in the following ways: -
1. FREE valuation
2. A contribution of upto £2,000 towards set-up fees
3. Cashbacks based on the loan amount required (upto 3%)
This can be summarised as follows: -
- For equity releases over £10,000 there is a contribution of £600 towards the homeowners solicitors fees
- For equity releases over £45,000 there is a contribution of £2,000 towards set-up fees & an extra cashback of 2% dependent on loan size
- For equity releases over £75,000 there is a contribution of £2,000 towards set-up fees, plus an extra cashback of 3% which will certain help lift the overall maximum equity release amount if that's a requirement.
Enabling all the above, would help negate any set up fees normally incurred during the application process.
With the Pure Drawdown plan being an equity release drawdown scheme means flexibility can be achieved with higher cash releases. The minimum future drawdown amount is £5,000 at any time and has no further charges per withdrawal.
Please call 0800 678 5159 for further details or request a Pure Retirement Drawdown Lifetime Mortgage Key Facts Illustration.