Stonehaven is one of the few companies that specialize in equity release by providing innovative retirement solutions that give pensioners the opportunity to release tax free cash from their property. Stonehaven is a member of SHIP, the organization that is dedicated to the protection of equity release customers, and is regulated by the Financial Services Authority.

Stonehaven makes it possible for people who are over the age of 55 to release some of the money stored up in their property without having to relocate. This could either be by giving them the opportunity to sell their property or to remortgage their property. Their age, the value of their property, their sex and the amount of money they would like to borrow will determine how much equity can be released from their property.

The two main plans offered by Stonehaven are the roll-up equity release scheme and the interest only lifetime mortgage. The difference between these two options is the final balance that needs to be repaid & the different tiered interest rates each scheme has. Rates on each scheme currently start at 6.13% with the lowest loan-to-value ratio which is the interest select & lump sum lite. As this ratio gets higher & the borrower loans more of the property value then rates can escalate to 7.57% on the interest select max.

The roll-up lifetime mortgage requires no monthly payment thus increasing the balance year after year. When it is time to repay the mortgage, the initial loan amount and the accumulated interest amount will have to be paid.

The interest only lifetime mortgage requires a monthly payment of the interest. By paying the interest every month, the balance remains constant. The final balance is therefore the same as the original amount that was borrowed. This option is common among those who want to protect an inheritance for their children. Eventually, the property would have to be sold to repay the mortgage. The advantage of the interest-only lifetime mortgage is that when the property is sold and the mortgage is repaid, there will be money remaining to leave behind as an inheritance. With the roll-up lifetime mortgage, this is not always possible since that the balance that needs to be paid keeps increasing instead of remaining constant.

To contact a Stonehaven specialist who can advise on which of their equity release plans is best for you call www.equityreleasesupermarket.co.uk on freephone 0800 678 5159.