Stonehaven Equity Release Mortgage

Stonehaven Equity Release mortgages provide a method for releasing some of  the money stored up in your home, without the need to move. How much equity you release depends on how old you are, how much your home is worth and how much you choose to borrow.

Stonehaven’s Equity Release mortgage are available in three options, and are available from the age of 55.

With Stonehaven's Equity Release mortgages, you can tailor when and how you release the equity in you home. Stonehaven are members of SHIP, and so the following guarantees are standard.

• No Negative Equity Guarantee,
• Guaranteed Cash Reserve Facility,
• Guaranteed switch from an interest-only mortgage to a lifetime interest roll-up,
• Guaranteed Protected Equity,
• Guaranteed portability.

Lump Sum Equity Release

All Lump Sum product options provide a one-off cash advance. No monthly repayments need to be made, and the loan (plus any interest accrued and charges added to the loan), is repaid when the house is sold.

The minimum lump sum that can be borrowed is £20,000. The maximum depends on your circumstances, which includes your age and the value of your home. If there are two borrowers the amount available depends on the age of the younger borrower.

The difference between the three Stonehaven Equity release Lump Sum options, is the maximum amount that you can borrow

• Lump Sum Lite
• Lump Sum
• Lump Sum Plus
• Lump Sum Max

Regular Cash Release

The Stonehaven Regular Cash Release product has been designed for those with a need for a regular cash sum over the next ten years, and who want to fix the interest rate that will be applied. Cash payments can be received monthly, or every 3, 6 or 12 months. All payments are released on the first working day of the month and are received direct into your bank account approximately 3 days later.

Once the Regular Cash Release has been set up, the rate of interest charged remains the same throughout the whole period, with interest only ever being charged on the money released to you.

Again, no monthly payments are required, and the loan plus accrued interest and charges is repaid when the house is sold.

Flexible Cash Release Options

The Flexible Cash Release option allows cash payments to be released when you need them.

Initial advance


You decide what amount you want to take as the initial cash advance with a minimum of £15,000.


Cash Reserve Facility


In addition to the initial cash advance, Stonehaven will set aside a Cash Reserve Facility for you at the beginning of the mortgage. This is set at the maximum you are eligible to borrow (minus the initial advance) based on your age and the property value at the time of application.

The differences between the Flexible Cash Release Options are the maximum amount that you can borrow and the interest rate that you pay. The maximum amount that you can borrow will impact on the amount available in you Cash Reserve Facility.

It is important to note that if you take a standard Flexible Cash Release product with Stonehaven, you will be getting a higher Cash Reserve Facility, but will be paying a higher interest rate than you would otherwise pay with the Stonehaven Flexible Cash Release Lite product.


Guaranteed Cash Reserve Facility

Unlike most other lenders, Stonehaven will guarantee a portion of the Cash Reserve Facility to provide your with certainty in your planning. This guaranteed portion will be available in the future, no matter what happens to property prices or interest rates. At the beginning of the mortgage, this guarantee will be set at half of the total Cash Reserve Facility, subject to a maximum of half the initial cash advance.

Protected Equity Option

With all Stonehaven equity release lifetime mortgages you can choose to protect a percentage of the eventual sale value of your home. The No Negative Equity Guarantee and the amount that Stonehaven will lend is based on the value of the unprotected portion of the property. If in the future, you want to reduce the amount of equity protected in order to apply for further borrowing, then this would be possible.

For a lump sum, Stonehaven will not charge for reducing the protected equity option, however the normal charges and conditions associated with additional borrowing will apply.

For a cash reserve, Stonehaven will not charge for reducing the protected equity, and the value of the cash reserve will be recalculated based on the new unprotected value of the property. The normal charges associated with making a drawdown from the cash reserve will apply.