Stonehaven - Interest Select Lite
Scheme Name: Stonehaven - Interest Select Lite
Interest Rate: 6.08%
APR: 6.50%
Exclusive Deal: |
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Repayment Type |
Interest Only Lifetime Mortgage - Lifetime Fixed Rate |
Full details: |
Stonehaven are equity release specialists who have created very innovative products in an effort to provide flexibility in retirement solutions for people over age 55.
Stonehaven's Interest Select Product range offers an equity release plan with the option of repaying some, or all of the interest charged. Stonehaven have various products which meet different loan-to-value demands. The Interest Select Lite has the lowest interest rate of all, however has the lowest loan-to-value ratio. Therefore the Lite plan is more suitable for those only requiring a small release of equity. The Interest Select range of plans are unique in that they can be classed as a non verification or self certification mortgages as NO proof of income is required. Therefore, eligibilty is determined by age & property value. In keeping with budget, you can select the amount of the interest repaid. This can be the full amount, resulting in the balance of your equity release remaining exactly the same. Alternatively, you can select any amount from £25pm. This will result in some increase in balance, but not as much than if no monthly payments were made. Another advantage of the Interest Select schemes are their flexibility, as this interest only lifetime mortgage can be switched over to a roll-up scheme at a later date, hence removing any concern over missed payments. Plans start at age 55 & there is a minimum property value of £70,000 with a £10,000 minimum release. This Interest Select Lite scheme is favourable for those who wish to protect an element of their inheritance for the children. |