Compare Pure Retirement Equity Release Quotes Against The Market

Pure Retirement is a specialist UK lender that has carved out a significant niche in the later-life lending market. Founded in 2014 and based in Leeds, the company focuses exclusively on providing lifetime mortgages, which they distribute solely through qualified financial advisers. They have won numerous industry awards and are known for their flexible product features and commitment to adviser support.

If you are wondering if Pure Retirement are the right equity release provider for you, get in touch below and one of our advisers will compare their products against the market for you.

What is Pure Retirement Equity Release?

Pure Retirement offers a wide and varied range of lifetime mortgages designed to cater to different customer needs. Instead of a "one-size-fits-all" product, they provide several product "families" that allow advisers to find a more tailored solution for their clients.

Their core product ranges include:

• Classic Range: Often their most competitively priced (lowest interest rate) plans, designed for straightforward applications on standard properties.

• Heritage Range: A flexible range that includes options for making significant voluntary repayments. The "Heritage Freedom" plans are particularly noteworthy, allowing some of the highest penalty-free repayments in the market (up to 40% per year on some products).

• Sovereign Range: Designed to have wider and more flexible underwriting criteria, making it suitable for properties that other lenders might decline (e.g., properties near commercial premises or with large acreage).

• Emerald Range: This range is designed to offer some of the highest loan-to-value (LTV) ratios available, allowing clients to release the maximum possible amount from their homes.

All these plans are available as either a lump sum or with a drawdown facility, which allows you to take an initial sum and leave the rest in a reserve to access as needed.

Key Features of Pure Retirement Equity Release

As a member of the Equity Release Council, all Pure Retirement plans include the following protections:

• No Negative Equity Guarantee: You will never owe more than the value of your property when it is sold.

• Fixed-for-Life Interest Rates: All their rates are fixed from day one, giving you certainty over the lifetime of the loan.

• Flexible Voluntary Repayments: This is a key strength. Most plans allow you to make penalty-free partial repayments each year (typically 10%-12%). Their "Heritage Freedom" plans offer market-leading flexibility, allowing up to 20% or even 40% of the initial loan to be repaid annually without charge.

• Downsizing Protection: After a fixed period (often 5 years), if you move to a smaller property that doesn't meet Pure's lending criteria, you can repay the loan in full without facing an Early Repayment Charge.

• Significant Life Event Exemption: On joint plans, if one partner passes away or moves into long-term care, the surviving partner typically has a three-year window in which they can repay the loan in full without penalty.

Pure Retirement Equity Release Interest Rates

Pure Retirement's interest rates are competitive and vary across their different product ranges. Their "Classic" plans usually offer the lowest rates, while their high-LTV "Emerald" plans will naturally have higher rates.

All their rates are fixed for life, but depend on the LTV, product, and applicant's circumstances. You must get a personalised quote from an adviser for an accurate rate.

Eligibility Criteria

To be eligible for a Pure Retirement lifetime mortgage, you will generally need to:

• Be aged 55 or over.

• Own a property in mainland England, Wales, or Scotland. (Some Scottish Isles may be considered).

• Have a property valued at a minimum of £70,000 for the Heritage/Sovereign ranges and £100,000 - £125,000 for the Classic range.

• Be able to clear any existing mortgage on the property using the funds you release.

• Their "Sovereign" range has more flexible criteria for non-standard properties.

Pure Retirement Equity Release Reviews

Pure Retirement is highly regarded within the financial adviser community for its broad product range, flexible repayment options, and efficient service. Customer-facing reviews on platforms like Trustpilot are also positive, with clients often praising the clear communication and the features of the plan recommended by their adviser.

Pros and Cons of Pure Retirement Equity Release

Pros:

• Exceptional Repayment Flexibility: The option on some plans to repay up to 40% of the loan each year is market-leading and gives borrowers huge control over their debt.

• Wide Product Choice: The different product families ("Classic", "Heritage", "Sovereign") mean there is a solution for many different client needs.

• Flexible Underwriting: The "Sovereign" range is a strong option for those with unusual properties that might be declined elsewhere.

• Strong Adviser-Only Focus: Their commitment to the adviser channel means they are built around providing clear, well-supported products.

Cons:

• No Enhanced Plans: Pure Retirement does not currently offer enhanced lifetime mortgages, which can offer better terms to clients with specific health conditions.

• Lesser-Known Brand: As an adviser-only lender, they are not a well-known high-street brand, which may be a factor for some customers.

• Standard Drawbacks: The plans are still lifetime mortgages, meaning interest compounds, which will reduce the inheritance you leave and can affect means-tested benefits.

How to Apply for Pure Retirement Equity Release

You cannot apply to Pure Retirement directly. Their products are available exclusively through qualified equity release advisers. An adviser will assess your situation, discuss your needs, and search the entire market to see if a Pure Retirement plan (or a product from another lender) is the most suitable option for you.

Get started here to begin a free, no-obligation chat with an equity release adviser who specialises in Pure Retirement’s product range and can help you access it.