Pure Retirement is a fairly new lender in the realm of equity release schemes but that doesn’t mean the products offered by this aren’t innovative, fresh, and creative. Pure Retirement has used its Pure Drawdown Plan has a way to emerge as a leader when it comes to drawdown schemes and plans. This lender is a sister company to Age Partnership. Pure Retirement is also a member of the Equity Release Council.
This Drawdown Plan from Pure Retirement offers some very unique features, very high contributions to fees and is a very high loan-to-value drawdown plan. In order to qualify for the Pure Retirement Drawdown Plan, homeowners must be at least 70 years old. Loan-to-Value ratios start off at 36% and increase to 45% at age 78. After that, ratios are capped with no upper limit on age.
There are several interesting features to this product including:
• No medical exams or requirements
• No maximum LTV
• Fixed interest rate for the life of the loan
• Even those properties that have a value over £1 million are accepted
• Significant contributions to fees
• Potential to drawdown additional funds in the future
Loans that are over £45,000 are not subject to any arrangement fees. Furthermore, Pure Retirement will contribute toward several other fees throughout the process of attaining this loan. There will be a £600 contributed toward solicitors fees and an additional £500 contributed to adviser fees. There are other features available with this product as well, including free valuations for all properties that are valued up to £500,000. For those properties that are valued between £500,000 and £1,000,000 valuation fees can be refunded.
These features are very unique to the Drawdown Plan offered by Pure Retirement. These contributions to fees are very rare and are incredibly unique to this particular plan and lender. For those who take advantage and qualify for the adviser fee contribution, this product may end up being free from all fees. So while Pure Retirement is still making a name for itself as a lender, this product has proven to be a great starting off point. This product is attractive and appealing to many homeowners who are concerned with paying for hefty fees. With many equity release products, features are fairly standard.
However, with this product there is a level of cost saving features different from other products. Furthermore, the features unique to this product, along with the significant contributions, can make this a very worthwhile product for many homeowners in good health, but looking for the maximum equity release.