Stonehaven warned on products

equity release new entrant Stonehaven has been welcomed by brokers but warned against com- plicating its product range.

The London-based lender has launched a pilot through six specialist equity release intermediary firms. It has designed a range of equity release lifetime mortgages aimed at home owners aged over 55.

The range consists of five products: a lump sum and lump sum plus option, regular cash release, flexible cash release, build your own and interest only.

Jayne Almond, CEO and founder of Stonehaven, says: “The evidence shows there is growing demand for specialist equity release mortgage providers. The industry has been subject to negative consumer perception in the past but following the regulation of lifetime mortgages, there’s been a significant increase in confidence and awareness of the market.

“Equity release is now seen as a sensible option for many.”

Colin Taylor, managing director of Key Retirement Solutions, says: “The principal of what Stonehaven has tried to do is good, but let’s hope it doesn’t make it too complicated. Its suite of options has to be applauded. This is something that the market has not seen before.”