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Your guide to Pure Retirement equity release

Find out if Pure Retirement offers the equity release options you need and if you’re eligible

Introducing Pure Retirement equity release

Equity Release allows people over 55 to free up some of the money tied up in their home’s value as a lump sum or a boost to their income. The most popular form of equity release is a lifetime mortgage, and Pure Retirement is one of the UK’s leading lifetime mortgage providers.

In our guide below we take a look at what Pure Retirement offers, and what’s missing from their products and features. We hope this guide helps you to assess the suitability of Pure Retirement equity release, whether you are looking to clear your existing mortgage, boost your income, make home improvements, help your loved ones or use the cash in another way.

If you want to explore equity release as a possible solution for your finances, our selected equity release advisers are on hand to help. To find out how much you could borrow, check here call 0808 178 3055 or request a call back.

Did you know?

Each year over 70,000 UK equity release plans are agreed, according to the Equity Release Council, with the majority being lifetime mortgages – the type of equity release offered by Pure Retirement.

What’s available from Pure Retirement equity release plans?

Pure Retirement offers lifetime mortgage products – the most popular form of equity release. These are loans secured on your property that are usually paid back through the sale of the home when you pass away or go into residential long-term care. In the meantime, you retain full ownership of your home and can use the tax-free cash however you wish.

Essentially, equity release is a way to borrow money against your home without having to make any repayments. This potentially makes it a good way to access tax-free cash if you need money now but don’t have enough income to make payments on a regular loan.

There are five different lifetime mortgage plans in Pure’s product range: Heritage Freedom, Heritage, Sovereign, Classic and Emerald. Depending on the product you choose, key features might include:

A choice of lump sum or drawdown facilities.  You can choose to release a single one-off payment (a lump sum lifetime mortgage) or access your money in stages (a drawdown lifetime mortgage) after an initial cash release. Drawdown plans can be more cost-effective as interest only starts to build up on the money once you release it from the plan.

Partial repayments. There’s the option to make partial repayments of the loan: pay back between 10% and 40% of the loan amount annually, depending on the product you choose. This may be attractive if you wish to reduce the amount that needs to be paid back when your plan ends in order to maximise the inheritance you leave.

The option to move home.  There’s the flexibility with Pure Retirement equity release to sell your property, move home and take your lifetime mortgage with you should you wish to downsize or relocate. This feature is also available from other lifetime mortgage providers.

Free property valuation. Pure Retirement offers customers a free property valuation for initial advances up to a maximum of £2 million. Not all providers will offer a free valuation.

Cashback. Some Pure Retirement equity release plans give you the option of taking up to 5.5% cashback.

How much cash can I unlock with Pure Retirement equity release?

The amount of money you’ll be able to release from your property will vary depending on several factors. You may be able to release between 10% and 50% of your property’s value with Pure Retirement, depending on the plan you choose.

Your age will determine the maximum percentage available to you. The older you are the more you’ll be able to release. In the case of a joint plan, the age of the youngest applicant is taken into account.

Like most equity release providers, Pure Retirement sets minimum and maximum levels for its equity release. These are a minimum of £10,000 and a maximum of £2 million, depending on the plan type you choose.

You may be able to release more cash with other providers. So if you’d rather not limit yourself to Pure Retirement equity release and would like to find the maximum release available from multiple providers, speak to one of our friendly consultants today by calling 0808 178 3055 or request a call back.

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Am I eligible for Pure Retirement equity release?

As with all lifetime mortgage providers, Pure Retirement has its own unique lending criteria and below are some examples. First, to be eligible for a Pure Retirement lifetime mortgage you’ll need to be aged between 55 and 95 at the plan start date. You must be a UK homeowner with a property worth at least £70,000. You must also wish to borrow at least £10,000.

Different Pure Retirement lifetime mortgage plans allow or rule out different property types, but most freehold houses, bungalows, apartments and flats of ‘standard’ construction are generally acceptable. Leasehold properties may be considered, but this depends on the length of lease remaining.

Flats located above commercial outlets, and ex-council and ex-local authority flats and maisonettes are not generally accepted. Some providers will consider these properties though. 

Your property needs to be located in England, Wales or mainland Scotland. Although it differs across their five plan types, Pure Retirement will generally also accept lifetime mortgage applications involving property located on the larger Scottish Isles or the Isle of Wight, but not the Isle of Man, the Scilly Isles or the Channel Islands. Pure Retirement does not provide equity release involving properties located in Northern Ireland. 

Each equity release provider has its own eligibility criteria, so if it seems that you are not eligible for Pure Retirement equity release, please call us on 0808 178 3055 or request a call back and we will arrange help from one of our selected advisers.

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and lifetime mortgage advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

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What’s missing from the Pure Retirement equity release product range?

Pure Retirement doesn’t offer an enhanced lifetime mortgage. This type of product sometimes gives borrowers more cash or a better lending rate if they are living with certain health conditions or lifestyle factors. If you feel you might qualify for a higher release amount, why not let our selected advisers compare plans on your behalf? At Equity Release Wise we can arrange quotes from providers who do offer enhanced terms, so you can be sure you’re getting the best quote for your individual circumstances. 

Also missing from the Pure Retirement equity release range is an interest-only lifetime mortgage. Several other providers offer this option, where you can make voluntary monthly interest payments. If you pay the full interest each month, you will greatly reduce the amount that needs to be paid back from the sale of your property. This could greatly increase the inheritance you leave to your loved ones.

There are no home reversion plans amongst Pure Retirement’s product range. Home reversion is an alternative to a lifetime mortgage, and involves selling all or part of your home to a reversion company in exchange for a lump sum or income. You can remain in the property rent-free until you pass away or move into long-term care. Home reversion plans are quite rare, but may be a suitable choice for some customers.

If any of the above options look attractive, or to look at your options beyond Pure Retirement equity release, please get in touch with us today. Our selected advisers bring you access to the best deals from leading equity release providers. To find out more, speak to one of our friendly consultants today by calling 0808 178 3055 or request a call back.

Is Pure Retirement equity release right for me?

If a company’s reputation and standing in the industry is important to you, Pure Retirement may be a good choice. The company have received several awards for their service, including:

Customers also seem to like them, awarding a 4.3 star rating and generally positive Pure Retirement reviews on the company’s Trustpilot page. Looking through the Pure Retirement equity release reviews, you’ll find positive comments centred around their plans and customer service levels. 

In terms of the products available, the Pure Retirement equity release range is quite diverse, with plenty of flexibility for consumers. This includes a drawdown option allowing customers to take flexible payments over time, the ability to move home, and the ability to repay up to 40% of the loan amount annually. On the other hand, there is the lack of an enhanced plan or an opportunity to make interest payments to take into account. 

Don’t forget there are other equity release providers, each with their own lending criteria and product options and features. There may be a better choice for your circumstances and needs, which is why you should take professional advice before committing to an equity release plan. 

Here at Equity Release Wise, our selected advisers can compare plans from leading providers, including those who do offer enhanced lifetime mortgages, interest-only lifetime mortgages and home reversion plans. To find out more, speak to one of our friendly consultants today by calling 0808 178 3055 or request a call back.

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Already have a lifetime mortgage?
You could switch for a better deal

Now could be a good time to switch to a different lifetime mortgage. You may be able to release more tax-free cash due to being older than when you took out your existing plan. An increase in your property’s value or being in poorer health could also qualify you for further cash. Interest rate changes may also save thousands over the lifetime of your plan.

Why not arrange a free review* to find out if switching works for you?

Learn more

Can I get equity release directly from a Pure Retirement adviser?

Pure Retirement does not supply equity release products directly to the public, so you won’t be able to go straight to a Pure Retirement adviser. Instead they ask that you first seek independent equity release advice. They will only accept applications from qualified equity release advisers. 

Here at Equity Release Wise, our selected financial advisers have access to plans from a number of leading equity release providers. It means that you could benefit from the latest products, features, deals and interest rates from top UK providers, so you won’t just be tied down to Pure Retirement. Advisers are available to speak with you today – just call us on 0808 178 3055 or request a call back to arrange a no-obligation appointment.

Do I need equity release advice?

In order to decide which provider and plan is right for your equity release needs, we recommend that you speak with a specialist equity release adviser. Equity release is a complicated product and is not for everyone. There may be better ways you can meet your financial needs, so advice to understand all of your options is important. 

In fact, the Financial Conduct Authority (FCA) Handbook is very clear about the need for advice. It states that firms should only work on an ‘execution only’ basis without advice where the client rejects advice, can identify which product they want, and accepts that they will not be protected by the FCA’s rules and standards for advisers.

We support the FCA’s stance of advice. Equity release is not for everyone, and our selected advisers will help make sure you are making fully informed decisions. Call us on 0808 178 3055 or request a call back and we will arrange an appointment for you.

Which other companies offer equity release?

Pure Retirement is just one of several UK companies offering equity release, so why not compare plans from different providers to get the best deal? Equity Release Wise can arrange this for you, with a search across plans from a number of the leading providers.

Here are just some of the leading equity release providers the search will cover. All of them are of course authorised and regulated by the Financial Conduct Authority and are members of the Equity Release Council.

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Find out if you qualify for equity release and how much you could borrow. Just click ‘Get started’ or call us on 0808 178 3055 and one of our team will be delighted to help arrange a free consultation and quote*.

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Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • Do I need to talk to a Pure Retirement equity release adviser?

      You aren’t able to talk to a Pure Retirement equity release adviser as the company doesn’t offer advice. Instead, it accepts applications via external financial advisers. At Equity Release Wise, our selected advisers can search across products from multiple equity release providers to find you the best products, features and deals for your circumstances.

  • Can I make interest payments with a Pure Retirement Lifetime Mortgage?

      Unfortunately, Pure Retirement does not offer the option of making interest payments on its lifetime mortgage products. This means that interest builds up and needs to be paid along with the loan itself once the property is sold when you pass away or move into long-term care. Some other providers do offer an interest-only lifetime mortgage where you make voluntary payments of some or all of the interest to reduce or prevent interest building up.

  • What are the Pure Retirement interest rates?

      Pure Retirement interest rates change frequently, along with other lifetime mortgage providers. Our selected equity release advisers have access to rates and deals from a number of the UK’s leading equity release providers. By talking to them, you can compare the very latest plans, products, features and deals from leading providers across the UK. 

      And remember: most lifetime mortgages will be arranged on a fixed interest rate, so your plan won’t be affected by rising interest rates if you choose a fixed-rate plan.

  • What are the potential risks of a lifetime mortgage?

      A lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. But it’s important to understand lifetime mortgage pros and cons before deciding if it’s right for you, so here are some potential risks you need to be aware of: 

      • Interest is calculated daily and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends, unless you choose to make interest payments while the plan is running.
      • Taking equity out of your home will mean that the inheritance you leave to loved ones will be reduced.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future.
      • You may have to pay an early repayment charge if you choose to pay back some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected.

Still have questions?

We hope this information has been useful. To find out more or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.