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Equity release news
Stonehaven raises LTVs
18 March, 2008
Equity release provider Stonehaven has increased the maximum loan-to-value (LTV) on its Lump Sum Max product.
The move bucks the industry trend which has seen lenders slicing as much as 25 per cent off their LTVs.
As a result, Stonehaven now offers the highest LTV across the market for clients aged up to 80.
LTVs now start at 22.5 per cent for a 55-year-old and peak at 48.5 per cent for homeowners aged 80 and upwards.
A 68 year old, the average age of an equity release policy holder, can now access an LTV of 37.5 per cent.
Jayne Almond, Stonehaven CEO said: “These products are well suited to people who find themselves with a substantial amount of debt to clear, for example the residual amount of their mortgage after retirement, or who want to pass on an inheritance early for the purposes of IHT planning..
“This is a critical year for the growth cycle of equity release. By stimulating competition, more providers will improve their offering and equity release will more rapidly evolve as a product category and grow at a faster rate.
“We believe advisers will view this as the most compelling product in its category on the market. We expect other providers with similar products to eventually follow suit.”