Stonehaven Equity Release Plans

Innovative by nature, Stonehaven offer the equity release market two alternatives in deciding which form of equity release suits you best – an interest only mortgage, or a roll-up equity release scheme.

Dependent upon your requirements, Stonehaven will have equity release schemes to suit, & also a competitive interest rate to match any other equity release mortgages available.
You have protection in knowing that Stonehaven are also members of SHIP & regulated by the FSA.

Stonehaven's principle offering is their Interest Select plan which in essence is an interest only lifetime mortgage deal. The plan allows you to maintain monthly interest payments for the rest of your life. By repaying the interest only element, you can be safe in the knowledge that the original mortgage balance will remain exactly the same for lifetime of the mortgage.
The second type of Stonehaven scheme is their selection of roll-up equity release plans which are popular with many pensioners today, as it allows them to release tax free cash, but this time with no monthly payments.

Stonehaven Equity Release Schemes in more detail

Stonehaven Interest Select - Stonehaven have an excellent alternative to the recently withdrawn Halifax Retirement Home Plan. With many pensioners today increasingly conscious about finances & their inheritance, then the Interest Select product has been designed specifically for them.
Only available through qualified equity release advisers, the Stonehaven Interest Select plan provides mortgages for pensioners, however with an element of flexibility & financial control.

This interest only mortgage is an alternative to conventional roll-up equity release schemes. Whereas a roll-up equity release plan has interest added resulting in the balance increasing over time, the Stonehaven Interest Select plan can always keep the balance level. This is down to the option of paying the interest off each month by direct debit.
These monthly payments can be paid by the parents, or alternatively we have had instances of the children offering to pay the mortgage thereby protecting their inheritance! This would be ideal for people averse to the roll-up nature of standard equity release schemes.

Stonehaven's criteria is based on a minimum starting age of 55 & property valuation of £70,000, with only properties in England & Wales currently being accepted. The minimum loan is only £10,000.
The mortgage can be classified as a self certification or 'self cert' mortgage as NO income checks are made by Stonehaven. The amount that can be borrowed is based on the age of the youngest applicant & the value of the property. This can be up to a maximum of 44% of the property value, dependent on age.

The Stonehaven Interest Select plan is classed as an interest only lifetime mortgage as there is no specific term applied to this scheme. This form of retirement mortgage is therefore only repaid once the house is eventually sold, on earlier death or moving into long term care.

The scheme is unique as the monthly payments are classified as a 'contribution' towards the interest being charged by Stonehaven. Therefore, you can choose to pay some, or all of the interest charged each month. The minimum payment that can be made is £25pm with the maximum being the whole of the interest being charged. By selecting the latter option & thus maintaining a level balance, will result in beneficiaries knowing how much their inheritance will be.

The flexibility of the scheme therefore allows you to make monthly payments that are affordable. Stonehaven allow you to adjust the monthly payment to fit your budget; with any partial payments of the interest resulting in an element of roll-up on the balance.

Another major advantage of the Stonehaven Interest Select is it's the sole interest only lifetime mortgage to offer an interest rate that is fixed for the rest of your life. Therefore, you can be safe in the knowledge that regardless of Bank of England interest rate changes, the level of your monthly payments will remain exactly the same from start to finish with Stonehaven.

Nevertheless, if you do experience financial difficulties in the future & cannot keep up the monthly payments you need not worry unduly. Stonehaven will allow you to stop monthly payments altogether & instead the interest can be roll-up & added to the balance with no adverse record on your credit file.

Stonehaven have the lowest equity release interest rates currently in the market. Their interest rates start from only 6.08% monthly & are tiered dependent upon how much is borrowed in relation to the property value. They have four interest only rates dependent upon how much you wish to borrow. Their Interest Select Max is geared towards requests for maximum lump sums.

As an example borrowing £20,000 at 6.08% rate would result in a monthly payments £101.33pm. (The overall cost for comparison is 6.7% APR)

Stonehaven Interest Select is an alternative to equity release.

Funds can be released for any purpose, but from experience the following list provides an insight into why Equity Release Supermarket clients have released equity with Stonehaven:-

• Debt consolidation purposes
• To purchase a new home
• Supplement their lifestyle
• Home improvements
• Financial assistance to children

For further information on any of the Stonehaven equity release schemes, or request a quote click here. Alternatively, you can speak to a specialist Equity Release Supermarket adviser on 0800 678 5159.

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