The latest equity release provider has taken centre stage to bring new and innovative products to the financial retirement industry. Pure Retirement plans on establishing an entire new line of equity release products this year but has launched itself into the market using their first product, the new Pure Drawdown Plan. This new lender is the first equity release provider to be released in a number of years, the last occurring in mid-year 2010. Pure Retirement is a sister company of Age Partnership, a leader in the retirement financial sector, which helps to solidify Pure Retirement’s position and reliability.
This first product launched by Pure Retirement requires borrowers to be at least aged 70 and functions as a high loan-to-value lifetime drawdown scheme. Those loan-to-value, or LTV, ratios start at 36 percent and then increase to 45 percent at age 78. Once that mark is reached, all ratios are capped. Because upper age is limited, this product is likely to prove very competitive with other products that boast lower LTVs.
There is absolutely no arrangement fee for any loan that exceeds £45,000. In fact, for any loan that exceeds this amount, Pure Retirement will pay £500 toward your adviser fees and £600 toward your solicitor’s fees. These aren’t the only perks to this new product. There are also free valuations available on any properties that have values up to £500,000. If you have a product that is valued at over £500,000, but below £1,000,000, Pure Retirement will refund the fees associated with valuation.
The minimum release for this product is £25,000. If you do not need the maximum as part of your initial borrow, a reserve of cash is created and made available for future withdrawals. However, all future withdrawals must meet the minimum amount of £5,000. There are absolutely no additional charges associated with these extra withdrawals.
The features that make this product so unique are as follows:
– Competitive fixed interest rate
– No medical requirements
– Minimum release of £25,000
– No maximum release
– Available in Scotland, Wales, and England
This Pure Retirement Drawdown Plan is unique for many reasons but especially because of its flexibility. It is fully accredited by the Equity Release Council which can help keep you fully protected in your equity release scheme. Not only is this product likely to stay competitive, there are several other products to watch as Pure Retirement unleashes its new line of equity release schemes.