Classic Drawdown Lite
  • Pure Retirement Classic Voluntary Payment Lite Plan
  • : 6.44%
    : 6.74%
    :
    : Unlimited Valuation | No Application Fee* | 10%pa Voluntary Payment Option | Fixed Early Repayment Charges | Drawdown Scheme | Downsizing Protection | 3-Year ERC Exemption**

Eligibility
  • Homeowner(s) with a minimum property valuation of £100,000
  • Maximum property valuation permitted is £2 million
  • Property must be located in England, Wales or mainland Scotland
  • For flats & maisonettes, 85% of property value will be used for assessment
  • Minimum age of youngest homeowner is 55, maximum age of 80
  • Minimum loan of £10,000, maximum £1 million (ask for details if higher)

Features
  • Competitively priced interest rate lifetime mortgage plan
  • Flexible drawdown scheme – ability to access a cash reserve should funds be required in the future
  • No repayments are necessary, although can be voluntarily made if necessary
  • Ability to make voluntary partial repayments of upto 10%pa with NO penalty
  • Competitively fixed lifetime mortgage interest rate
  • No Negative Equity Guarantee – can never leave a debt for your beneficiaries
  • Fixed early repayment charges over 15 years; Years 1-5: 6%, Years 6-10: 3%, Years 11-15: 1%, No penalty exists thereafter
  • **The 3-year early repayment charge exemption applies to joint life applications should the loan be repaid within 3 years of death, or long term care of the partner

Options
  • Free unlimited valuation option
  • Option of repaying interest only/capital element annually requiring NO proof of income