Stonehaven has launched intself as an equity release product povider with a range of products designed for homeowners aged over 55.
An experienced team will help Stonehaven design bespoke products to meet individual customer circumstances. The products will apply to a broad category of properties, including second homes and non-standard properties.
The initial Stonehaven range consists of:
A lump-sum and lump-sum plus option; both products provide a one-off cash payment
Regular cash release;withdrawal of regular cash payments
Flexible cash release, with the option of lump sums or regular payments
Interest only, which reverts to a fixed rate lifetime mortgage.
The new specialist equity release mortgage providers targets tthe increasing numbers of people in the UK who are retiring with inadequate pensions.
At present the company is in pilot mode, working with a handful of intermediaries to fine-tune the prducts in advance of making them more widely available.
Long term care : News update: October 2006