Stonehaven expands into Scotland
Equity release specialist, Stonehaven, has entered the Scottish market following strong demand for its products.
The lender re-entered the equity release market in England and Wales in March 2011.
Managing director of Stonehaven, Georgina Smith, said: “This is a natural extension of our existing business strategy. We are fortunate to have the support of a number of intermediary firms who have been pushing us to enter this territory for some time, due to strong local consumer demand for lifetime mortgages, especially those where you can pay the interest.”
Stonehaven offers interest only lifetime mortgages that allow the customer to pay all or part of the monthly interest by direct-debit, as well as competitive lump sum options.
Stonehaven says its registration process is swift, it has a fully automated and easy-to-use KFI Generator, online regular outbound communications informing the adviser of progress on their case, friendly and knowledgeable staff including direct access to the team of in-house underwriters.
Stuart Wilson, managing partner of Equity Release Club, commented: “Stonehaven’s Interest Select product has, by allowing customers to pay interest on the loan, opened up equity release to a wider audience – effectively providing an interest only mortgage for the over 55s.
“It’s good to see that this product will now be available in Scotland where the market continues to show positive growth.”