Stonehaven returns to lending

4 March 2011 | By Robert Thickett

The firm pulled out from lending in March 2010 as a result of its main funding line, thought to be a major high street lender, drying up.

It instead focussed on servicing its adviser arm and large back book, but pledged to return to lending at a future point.

Stonehaven’s range includes the Interest Select option, which allows borrowers to pay back some of the interest each month, along with a guaranteed equity option.

Simon Chalk, later life planner at Lifetime Living, has welcomed the return of Stonehaven and says he’s been in discussions with two other providers in recent months who are looking to re-enter the sector.

He says: “We are optimistic that we will end the year with more providers than we started out with, marking encouraging growth for equity release.”

When contacted by Mortgage Strategy, Georgina Smith, sales and marketing director at Stonehaven, would not be drawn on the identity of the lender’s new funding line or its size.

But she says: “We are thrilled to be back and able to begin lending again to the market - with the range of products have we believe that it will be able to grow the market over the next year.”

 

 

 

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