Stonehaven, the innovative equity release lender that originally sourced its funding from Santander, should now benefit from the withdrawal from the market of the Halifax Retirement Home Plan.
Stonehaven now use various finance houses in order to release equity in this sector. Their Stonehaven Interest Select plan can provide an interest only mortgage that will run for the rest of your life.
To provide peace of mind to their customers, the interest rates are fixed for life. Therefore you can be safe in the knowledge that your monthly interest only mortgage payment will never change, regardless of external interest rates.
The Stonehaven Interest Select plan has been given the rare title these days of a self certification (self-cert) mortgage as NO income verification is required. Stonehaven class the payment of interest as a ‘contribution’ as such do not require proof of any income. The Stonehaven Interest Select plan also has the added facility of selecting the amount of interest you wish to pay. Stonehaven will allow a contribution of anywhere between £25pm upto the full interest payment so one can fit the monthly payment in with their budget.
Should not all the interest be repaid, then there will be an element of roll-up onto the original capital raised. The balance will therefore increase over the years, but not as great as otherwise would be if no payment was made at all. This could be great news for the children or beneficiaries who wish to maximise the amount they receive at the end of the day. After the shock withdrawal of Prudential at the end of 2009, Stonehaven was one of only a number of remaining providers including Just Retirement , Aviva & LV= who expressed commitment to the sector.
Stonehaven’s existing lifetime mortgage customers have received continued good servicing & they have pledged to meet all the existing terms and conditions.
New applications, supported by relevant Key Facts Illustration can only be processed by qualified financial advisers such as Equity Release Supermarket & cannot be done direct. Applications must include a cheque to cover the valuation fee.
Offers made by Stonehaven are normally valid for a period 3 months & if you are considering an alternative to the Halifax Retirement Home Plan then the Stonehaven Interest Select plan can meet your requirements.
If you have any enquiries or questions you wish to ask then please contact the Equity Release Supermarket team on 0800 678 5159.
Mark Gregory CeMap CeRER
