The Stonehaven Interest Select Plan has been designed for pensioners who are conscious of their inheritance and their financial stability in their retirement years. Stonehaven is a reputable provider that is regulated by the policies of the Financial Services Authority (FSA) and is a member of the Safe Home Income Plans organization (SHIP).
The Stonehaven Interest Select Plan is in essence an interest only lifetime mortgage for people who are above 55 years of age. The Interest Select Plan and the alternative roll-up lifetime mortgage schemes are both offered by Stonehaven.
The Interest Select Plan has increased in popularity due to the fact that it does not keep adding interest to the initial loan amount resulting in a higher balance over time. The Interest Select Plan makes it possible for the interest amount to be paid every month thus keeping the balance level. With interest rates that are as low as 6.13%, Stonehaven offers the lowest equity release interest rates that are currently available.
The Interest Select Plan is an entirely different concept to the Halifax Retirement Home Plan which was recently withdrawn in August 2011. Stonehaven offers more options. If it becomes a struggle to make the monthly interest payments, homeowners can easily switch onto a roll-up plan. This will remove the burden of monthly payments & provide homeowners peace of mind.
In order to obtain a loan for Stonehaven, you need to be at least 55 years old and your property should have a minimum value of £70,000. These are the only two criteria that should be met in order to obtain the loan. The income of homeowners does not have any effects on the loan, nor the loan amount. This is why the Interest Select Plan can also be classed as a self-cert or self-certification mortgage, which does not require a proof of their income.
The payments are seen as contributions of the interest which makes it possible for you to decide whether to pay all or just some of the interest, as this is an excellent option which Stonehaven provide. The minimum amount that you can choose to pay is anything from £25pm upto the full interest charged. If you choose to pay the full interest amount per month, the balance will stay the same throughout the duration of the mortgage. If not, a roll-up will occur increasing the balance. However, some contribution rather than none at all will slow down the roll-up nature of the contract.
If the Stonehaven Interest Select Plan is to your liking then we can recommend calling freephone 0800 678 5159 where a Stonehaven specialist is on hand to answer any questions.
