Stonehaven’s managing director, Georgina Smith, said: “Our Interest Select lifetime mortgages have been designed to overcome customer concerns about the impact of interest roll up.
“By allowing the customer to choose the amount of interest they pay per month and for how long, it allows the customer to stay in control and can significantly reduce the size of the rolled-up loan, lessening the impact upon later inheritance for their family members. Our new rate change brings even more value to a great product.”
The new monthly interest rates will be:
Interest Select Lite 5.99%
Interest Select 6.08%
Interest Select Plus 6.17%
Interest Select Max 6.81%
The interest rates on Stonehaven’s Lump Sum Options will remain at:
Lump Sum Lite 5.89%
Lump Sum 5.98%
In 2006 Stonehaven was the first provider to bring interest only lifetime mortgages to the equity release market, revolutionising the way in which equity release can work for many people over the age of 55. The equity release sector has been moving forward with more providers bringing out products and the work undertaken by the Equity Release Council to build the public perception of equity release. All factors are there to suggest the equity release market is set to grow as more and more consumers are switching on to the potential benefits that can be gained through lifetime mortgages.