The ‘Pure Drawdown Plan’ interest rate has been reduced by 43 bps to 6.59% monthly (6.79% annual). The company says it is passing on to clients the full benefit of recent reductions in the cost of its funding.
Today also marks the first anniversary of Pure Retirement’s launch, in a year which has seen almost 1000 advisers register and current levels of new equity release lending that give it a 5% market share.
The ‘Pure Drawdown Plan’ and ‘Pure Lump Sum Plan’ offer a range of free valuation and arrangement deals worth up to £3,500 per case. For loans over £45,000 there is no arrangement fee and Pure Retirement will contribute £600 to clients’ solicitors’ fees and £500 to adviser fees. Pure Retirement also offers free valuations on properties up to the value of £500,000 and refunded valuation fees for properties valued between £500,000 and £1,000,000.
Paul Carter, CEO of Pure Retirement, commented:
“We have had an incredibly successful first year, far above our expectation, and I am delighted that we have been able to serve so many intermediaries and their clients. We were immensely proud to be the first new provider to enter the market for more than three years, and launched after carefully listening to what intermediaries did and did not want from a new lender. With approaching 1000 intermediaries now registered to do business with us, it is superb to know that we have offered something new and distinctive that the market has responded to.
"We are pleased to offer an even more competitive rate on our flagship Pure Drawdown Plan from today and maintain our competitive fee free offer."
