Equity release specialists Stonehaven today has launched a new fixed early repayment charges (ERC) range, giving customers complete control over ERCs for the whole mortgage term.
The new fixed ERCs are replacing all existing variable charges and apply to Stonehaven’s entire range, including the voluntary and interest select products.
The new fixed ERCs are as follows:
Years 0-5 of the lifetime mortgage: 5% charge on any early repayments
Years 6-8: 3% charge on any early repayments
Years 9+: no charge on any early repayments
Robert Sharpe, Executive Chairman at Stonehaven, commented:
“This new product is a game-changer. In keeping with the ethos of Stonehaven we have listened to advisers and customers, conducting research where they have told us they want greater simplicity and certainty. This is our response. It is the most flexible product of its type on the market and combined with our rates which are among the best out there, it offers people real peace of mind.
“This straightforward, transparent approach will provide welcome certainty to customers as they sit down with advisers to plan their finances – whether it be for retirement, home improvements or paying off existing debts. Crucially, it also makes this a simpler product for advisers to communicate to customers.
“More and more advisers are gaining the qualifications needed to add equity release to their service offering, and this product is a big step forward in making that offering even more compelling.”
Stonehaven is also today launching a new cash reserve facility, allowing customers the option to withdraw further money at any time without having to seek financial advice. Customers will also have the option to service the interest, which, according to Stonehave, is unique in the market.
The new facility is applicable to Stonehaven’s entire product range.
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