Equity release available for those with adverse credit

Stonehaven announced today that mortgage intermediaries are now able to source their interest only lifetime mortgage through the market leading intermediary sourcing system, Trigold.

Jerry Figueroa-Lee, equity release adviser at The Mortgage Warehouse commented on the news,

"Unlike some other lifetime mortgages where no monthly repayments are made, with the Stonehaven lifetime mortgage you choose to repay the interest charged each month, for a period of your choice, which can be from 1 to 30 years. During the period you make the interest repayments, the interest rate will be fixed. The amount Stonehaven will lend is based on the value of the home and your age, but is not affected in the same way that a standard residential mortgage would be, for those with an adverse credit history. That means with a rate that is currently fixed below 6.5%, this is an extremely good deal for those that are having difficulty finding a standard residential mortgage because of their credit history, but who would be considering an equity release mortgage in the future.

Mr Figueroa-Lee further commented,

"Stonehaven should be congratulated for their Interest Only lifetime mortgage. It is a fantastic product for all those of 55 and over with an adverse credit history, who may otherwise be excluded from obtaining a mortgage elsewhere in this credit crunch period. To be able to fix your rate at below 6.5% in the current environment, when many adverse credit residential rates are above 7%, and to know that the rate is fixed for life should provide significant peace of mind to many.

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