Mortgage News
Stonehaven ups LTVs across equity release products
Equity release specialist Stonehaven has increased the loan-to-value (LTV) rates offered on its Lump Sum, Interest Select and Voluntary Select products, with most deals seeing an 8% increase in LTV.
The provider said the decision to increase LTVs was a direct response to requests from borrowers to be able to access more equity built up in their homes.
Executive chairman Robert Sharpe (pictured) said: “A little under two months ago we introduced fixed early repayment charges and a cash reserve facility feature. Since then we’ve continued to listen to feedback from advisers, and have conducted in-depth customer research.
“Today we’re responding to increased demand in the market and a desire from customers to release more of the value of their property by increasing the LTVs of the loans we are able to offer.”
The move follows the latest figures from the Equity Release Council which found that the average value of drawdown lending per customer in the equity release market was up 4% in the first quarter of 2015, compared to the last quarter of 2014.
Stonehaven has also simplified its product range by renaming products with higher LTVs as Gold and Platinum across the range. Stonehaven is also introducing free valuations to all new customers as part of their service.
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