What You Didn’t Know About Stonehaven Interest Select Plans
Stonehaven offer a plethora of interest only lifetime mortgages that allow you to utilise your disposable income in retirement to provide favourable equity release schemes. This facility of repayment of the interest can therefore meet any obligations towards protecting your children’s inheritance. In addition Stonehaven equity release offer some of the best interest rates and innovative mortgages that can be tailored to suit every person’s needs.
Stonehaven interest select lifetime mortgage schemes are fully regulated by the FSA and the company are also members of the Equity Release Council (formerly SHIP). The Stonehaven Interest Select Plan allows its mortgagors the benefit of being able to pay constant monthly payments of interest for the whole of their lives and still end up with the original mortgage balance.
There are also further Stonehaven Lifetime Mortgage plans that can also be used by pensioners that allows them to release equity, but make NO monthly payments. There are many pensioners and loan defaulters who may find these roll-up equity release schemes of great help as it won’t necessarily affect their household budgets. The Stonehaven equity release plans therefore offer complete financial control and great flexibility which makes them suitable for most money-conscious individuals and couples. The Stonehaven plans can only be provided by receiving advice from qualified equity release providers such as companies like CompareEquityRelease.com.
What is the science behind Stonehaven’s schemes?
Their two roll-up lifetime mortgage schemes – Lump Sum & Lump Sum Lite have interest rates starting from 5.89% & work by the monthly interest charge being added to the balance. This therefore has the effect of the balance increasing over time.
This is counteracted by Stonehaven’s interest only lifetime mortgage schemes – Interest Select Max, Interest Select Plus, Interest Select & Interest Select Lite have interest rates starting from 5.99%. These are the schemes whereby interest is repaid monthly, thus providing the retiree with a constant level balance. This type of scheme is very helpful in the protection of one’s inheritance. The payments which are made every month, can actually be made as low as £25pm, and as high as the full interest charged. You can decide from outset which option you prefer.
The contribution can be paid by the children themselves as a way of protecting their inheritances, as long as they give the funds to their parents whom then make payment by direct debit from their own account. For those who have no interest in the roll up nature of many equity release schemes, this is the better option to use.
The Stonehaven equity release scheme only requires eventual repayment only in cases of death or when the property is sold. This means that it has no definite term and that is why it is called interest-only lifetime mortgage. With the Stonehaven equity release, people are able to know their inheritances.
The interest rates offered by Stonehaven on all their equity release schemes is fixed throughout a person’s lifetime and this provides security to people in that the fluctuations of the banks’ interest rates have no effect to your inheritance or monthly payments. Another great benefit that comes with this scheme is the ability to stop monthly payments if you experience difficult economic times and cannot manage to make the payments. All these make Stonehaven equity release a favourite mortgage option for many people in retirement.