Stonehaven cuts rates for under 70s
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It says this is currently the lowest interest rate on the market and the second interest rate cut by the provider in just over a month.
Interest rates now start from 5.92% for Stonehaven’s Lump Sum Lite and 6.08% for the company’s unique Build Your Own and Interest Only products.
Stonehaven is also simplifying the pricing of its Interest Only Product which allows the client to pay the interest each month and avoid the roll-up of interest.
The existing option to protect equity is retained and is still free.
Jayne Almond, chief executive of Stonhaven, says: “Retirees are looking to squeeze value from every last penny and by offering the lowest interest rates in the market Stonehaven is ensuring that equity release remains a cost effective option for those looking to use their homes to fund their retirement.”
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