Market Review of the Stonehaven Interest Select Lite Plan

Equity release plans have been on the market for many years now and have proven to be a good solution particularly for many people that want to ensure the safety of their last days. The protection of inheritance can sometimes be tricky so always be sure you know what decision you’re making in the case of mortgages. A Stonehaven Interest Select Lite Equity Release Plan may be the best answer to your problems, seeing it is effective, while also providing for all the customer care you may need.

Stonehaven offers four options on its interest only lifetime mortgage products; the Stonehaven Interest Select Lite and the Interest Select, the Interest Select Plus and the Interest Select Max.

Stonehaven Plans

From these four alternatives, the one that seems to suit all the needs one may want is the Stonehaven Interest Select Lite Plan with the lowest interest rate, currently 5.99%. It appears to fit best with individuals that would like to release only a small equity in return for the lowest interest rate. The suitability of applicants for this arrangement depends on two important factors - the age and the value of your property. Do not be afraid by an application process, as these happen every day and a team of specialized equity release advisers always makes the best decision in evaluating which option is the best for you.

As is the case of other equity release plans, the Stonehaven range of Interest Select plans base themselves on the release of a specific percent of the main residence. This begins with a minimum release of just £10,000, a number that is considerably lower in comparison with other strategies of this kind. The plans start at the age of 55 and accepts properties with a value no less than £75,000. You always benefit from an excellent freedom of choice while being involved in this type of plan and you may always change more or less important data concerning your account and the amount of money you have to deposit every month.

Other Plans on the Market

Stonehaven is just one provider of lifetime mortgage plans with an interest only caveat. It is by no means the only option you have as a homeowner. While this article does suggest that the Stonehaven plans might be right for you, also consider comparing the different products on the market to ensure that other companies do not offer a better interest rate or conditions for their loans. 

Additionally, the only plans in discussion throughout the article have been interest only. Bear in mind that you have more options such as drawdown, lump sum, and ill health lifetime mortgages. Drawdown mortgages allow access to an account of funds where the interest only adheres to the money you used rather than the full amount of funds available. If you need more money quickly the lump sum option ensures you access to a larger payment at the outset where interest compounds. The difference with these two lifetime mortgages is that the interest adds onto the loan until you pay the debt back. 

The debt including the interest is paid at the end of the period you wish to live in that home or your death just as the interest select plans for retirees from Stonehaven. 

The ill health lifetime mortgage pays out for a person who suffers from a chronic disease that could potentially end a life earlier than average. Diabetes, cancer, smoke related illnesses and many others could potentially lower a person’s lifespan. Given that this might happen and the need for money might be now, a larger lump sum than all other lifetime mortgage products is offered. 

Home reversion is the last choice you have as a mortgage borrower. This is totally different in that you do not need a mortgage or loan. You sell part of your home. For some this is better than paying back a debt at the end of your life. 

The Stonehaven Interest Select Lite plan is recommended especially to people that would like to be sure of the safety of their heritage, not wanting the roll-up nature of traditional equity release schemes. The system was created precisely for aging people and soon to be pensioners, and is currently available on the majority the UK territory. Remember, when dealing with property and the future you have ahead of you, you can never be too sure so contact an equity release specialist to discuss which one of the Stonehaven equity release plans is the best by gathering as much information as possible.