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Stonehaven suspends new lending
Stonehaven, the lifetime mortgage provider, has temporarily suspended all new lending.Stonehaven has said it will honour applications received in the next four weeks and has also extended its completion deadline to six months. Existing lifetime mortgage customers will ‘not be affected by this decision’.
Commenting on the move, Peter Welch, head of sales and distribution at Bridgewater Equity Release, said: “Stonehaven’s decision to suspend all new lending is not surprising given the growing funding challenges lifetime mortgage providers are currently facing. Over the course of the past year we have seen a number of providers leave the lifetime mortgage sector because of the difficulty in securing the necessary finance to continue lending. The open-ended nature of this announcement shows that sources of lifetime mortgage funding are currently at a premium and it is therefore difficult to put a timescale on when these lines will be open again.
“We believe the problems that many providers are having in accessing funding are much more acute in the lifetime mortgage product arena than in home reversions.”
