Stonehaven offers several unique products for retirees and the Lump Sum Lite lifetime mortgage is just one of the many innovative products backed by Stonehaven. This product is geared toward those consumers who do not need a large lump sum payment from their lifetime mortgage and are looking for a low interest rate. The Lump Sum Lite interest rate is fixed for life which provides the guarantee of knowing the future balance on a yearly basis which will match the quote provided via any Key Facts Illustration.
There are a number of other unique options available with the Lump Sum Lite product aside from its low fixed rate. One of these is the ability to still leave behind some kind of inheritance to your beneficiaries, despite taking out the lifetime mortgage. Through the protected equity option, you may be able to secure a percentage of the money you make through the eventual sale of your property. Once sold, the percentage of the sale can go directly to your estate, allowing you to still leave behind some kind of inheritance. There are other options from which you can choose to help you make this plan as individualized to your needs as possible. For example, you may choose to receive some cashback.
In terms of loan-to-values, they start at 11% at age 55 with the Stonehaven Lump Sum Lite product. After age 55, they increase by 1% each year, representing the fact that life expectancy decreases as we get older & leaves a shorter term for the lifetime mortgage to run over.
If after reviewing your finances, you think you may need a larger lump sum, Stonehaven may still be able to provide you with the assistance by applying for additional borrowing, just like any mortgage further advance.
There are eligibility requirements that apply to the Stonehaven Lump Sum Lite lifetime mortgage. In order to qualify, you must be at least age 55. You must also withdraw at least a minimum of £10,000 and have a property value of at least £70,000. Lastly, you need to own your property in Wales, mainland Scotland, and England.
The Lump Sum Lite lifetime mortgage from Stonehaven is perfect for the consumer who does not need a very large cash release from their property. By accepting a smaller lump sum, you are able to secure a very low fixed interest rate. You may even be able to still ensure that you can secure an inheritance for your estate and your beneficiaries. This is the perfect choice for you if you only need a small amount of cash made available to you during your retirement.
