Stonhaven announce equity release mortgage rate reduction

Stonehaven announced today that with effect from Saturday 24th May 2008 they will be reducing the maximum equity release possible along with a reduction in the interest rate on the Stonehaven Lump Sum Max Lifetime Mortgage.

The new interest rate will be 7.11% , down from 7.3%.

Applications based on illustrations before Saturday 24th May 2008, must be received by Monday 9th June 2008 5.00pm to qualify for the higher release limits. All applications received after Monday 9th June will be processed at the new interest rate.

Stonehaven Equity Release mortgages provide a method for releasing some of the money stored up in your home, without the need to move, and are available from the age of 55. Whilst reducing the interest rate on their Lump Sum Max product, Stonehaven's remaining products remain unchanged.