Stonehaven expands into Scotland
Stonehaven will now lend on equity release in Scotland following strong demand for their products from brokers.
The lender said the decision was prompted by intermediary partners in Scotland repeatedly asking Stonehaven to offer its interest-only lifetime mortgage.
The product allows the customer to pay all or part of the monthly interest by direct-debit although the lender offers competitive lump sum options as well.
Georgina Smith, managing director at Stonehaven, said: "This is a natural extension of our existing business strategy.
"We are fortunate to have the support of a number of intermediary firms who have been pushing us to enter this territory for some time due to strong local consumer demand for lifetime mortgages -especially those where you can pay the interest."
The full range of products launched in Scotland on 19th April 2012.
Stuart Wilson, managing partner of equity Release Club, said: "Stonehaven's interest select product has, by allowing customers to pay interest on the loan, opened up Equity release to a wider audience – effectively providing an interest only mortgage for the over 55's.
"It's good to see that this product will now be available in Scotland where the market continues to show positive growth."
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