The Lump Sum Lifetime Mortgage Plan offered by Pure Retirement provides homeowners with a number of unique and innovative features for those homeowners looking to release equity from their homes via a lifetime mortgage. Pure Retirement as a lender is a member of the Equity Release Council and is also fully regulated by the FCA.
This particular product offers several features that are geared toward helping homeowners save money, especially in regards to the fees needed to set up the lifetime mortgage. These options are what make this product stand out from other lifetime mortgage products available in the equity release marketplace. For example, Pure Retirement offers homeowners a free valuation. The lender also provides a contribution of £500 toward advice fees and £600 toward legal fees. Lastly, there is no provider arrangement fee with the Lump Sum Plan from Pure Retirement.
Part of the reason for all of this assistance with fees is because Pure Retirement focuses its lifetime mortgage products on the needs of its consumers. This lender strives to provide products that are cost effective, simple, and easy to understand and use. Pure retirement also serves to provide its borrowers with the maximum equity release possible.
In order to qualify for this product, homeowners must own a property that has a minimum valuation of £70,000 and the property must be located in Wales or England. The borrower must be prepared to release equity of at least £10,000. Homeowners must also be at least 60 years old.
With the Pure Lumps Sum plan, homeowners are able to release the maximum equity release available to them. However, what sets this product apart from the many other lifetime mortgage products in the equity release marketplace is the lack of fees associated with releasing equity. Pure Retirement tries to make this product accessible to all homeowners which means keeping fees low and manageable for the average homeowner.
For those borrowers looking to maintain their current lifestyle during retirement, releasing equity from a home via a lifetime mortgage can provide just the right amount of cash. However, with this particular lifetime mortgage, homeowners do not have to worry about the fees that would likely incur should they choose a product from another lender. Pure Retirement simplifies the process of applying for and receiving a lifetime mortgage and do so in the most cost effective way possible for the homeowner.