About equity release
Am I eligible?
As with most lending products, there are several key requirements that you will need to meet in order to be eligible for a Stonehaven Lifetime Mortgage.
The most basic requirements are:
- You must be aged over 55
- You must be a homeowner
- You must be a UK resident.
The other requirements are related to your personal circumstances and your property.
Your circumstances
Applicants can be joint or single. Joint borrowers do not need to be married, but they both must hold full title to the property.
Your property
Your property must be in England or Wales and must be your main residence. Some restrictions may apply over the type of property that you own.
Outstanding mortgages
If there is a mortgage outstanding on your property then this must be repaid either before or at the start of the Stonehaven Lifetime Mortgage. The funds provided by Stonehaven can be used to clear this debt.
Other occupiers
On application, your home should be occupied by people who hold title to the property. If there is anyone else living in the property aged 17 or over, they can continue living in the property but they must seek independent legal advice and must sign a legal document called a ‘Deed of Consent’.
Call us now on Freephone 0800 068 0212
(Monday to Friday, 9am to 5pm)