Stonehaven’s interest rates now start at 5.90% and the LTVs for its Lump Sum Max product are now the highest in the lifetime mortgages market.
Along with lower prices across its range of products, Stonehaven is retaining its existing free option to protect equity, at the new interest rate level, based on the final valuation of the property.
The latest interest rates:
Old New
Lump Sum Lite 6.24% 5.90%
Lump Sum 6.64% 6.30%
Lump Sum Plus 7.16% 6.75%
Lump Sum Max 7.37% 7.12%
Regular Cash Release 6.64% 6.30%
Flexible Cash Release 6.75% 6.43%
Build Your Own From 6.64% From 6.30%
Interest Only From 6.42% From 6.23%
Founder and chief executive Jayne Almond said: “The new rates are absolutely designed to stimulate growth in 2008 and increase market share. We want to wake up homeowners, particularly those considering remortgaging as they approach retirement, to the opportunity and security that a fixed rate lifetime mortgage can provide over traditional mortgages.
“Innovation and flexibility are going to be critical as the financial services industry navigates it way out of the credit crisis. The equity release sector needs to adapt in order to truly realise the immense market opportunities. We are confident we have got the best products on the market and now we have the best pricing in the market to support qualified IFAs even further.”
