Products & costs
Common Product Features
All our equity release products are Lifetime Mortgages, which allow you to release a proportion of the equity in your home, without the need to move. You can take this as a cash lump sum or as smaller amounts when you need them, but no interest payments need to be made: interest is built up throughout the lifetime of the loan and repaid with the loan from the sale of the property.
We have a range of different products on offer, allowing you to tailor how and when you can release cash from your home.
Our products come with many features set as standard. The following apply to all of the products in our range:
No negative equity guarantee
We guarantee that when your property is sold for the best price reasonably obtainable, if the proceeds after solicitors’ and estate agents’ fees are not enough to pay the amount owed to Stonehaven, we will not ask you or your beneficiaries to pay the shortfall.
Guaranteed portability
If you move home to a new property that is acceptable to Stonehaven, you can move the loan under the same Terms and Conditions.
Fixed interest rate
The rate of interest is fixed for the duration of the loan (further advances are also at a fixed rate, but the rate can be different from the rate of the initial loan).
Retain ownership
With any Lifetime Mortgage, as long as you abide by the Terms and Conditions of the loan, you will always retain ownership and control of your property.
Repayment of the loan
The loan, and all outstanding interest and charges, is usually repaid from the sale of your home when you die or move into long-term care (or when the last surviving borrower dies or moves into care). Your estate will receive any remaining equity. You retain full ownership of your home until it is sold.
No monthly repayments and interest roll-up
Because the loan is usually repaid from the sale of your home when you die or move into long-term care, with our standard lifetime mortgage products you do not have to make any repayments during the term of the mortgage, instead the interest is added to the loan each month. This is different in the case of the interest only product, where you elect to make interest repayments for a chosen period of time.
Not Repossessed
Because these are all Lifetime Mortgages you will be able to stay in your home until your death or move into long term care (as long as you abide by the Terms and Conditions of the loan), without the concern of your property being repossessed.
Regulated
Lifetime mortgages are regulated by the Financial Services Authority.
Free Protected Equity option
With all Stonehaven Lifetime Mortgages you can choose to protect a percentage of the eventual sale value of your home. This means that the percentage you choose to protect is guaranteed to be available to you or your beneficiaries in the future.
Call us now on Freephone 0800 068 0220
(Monday to Friday, 9am to 5pm)