Stoen Haven Equity Release: What to Know in 2024?

Stone Haven's equity release plans stand out for their flexibility, offering both lump sum and drawdown options, as well as features like inheritance protection and the ability to make partial repayments to manage the loan balance.
  • Last Updated: 21 Mar 2024
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Francis Hui
Do You Want To Know More About Stonehaven? Learn About the Services They Offer and if They Are What You Need in a Your Retirement Journey. Read On...
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Key Takeaways
  • Stone Haven’s alternatives to equity release could provide more flexible financial planning options for those over 55.
  • Exploring Stone Haven’s main offerings might reveal financial solutions that align better with your long-term goals than traditional equity release plans.
  • Stone Haven might offer products that allow for asset growth or income generation, serving as potential alternatives to equity release.
  • Considering Stone Haven’s financial solutions could lead to discovering more control over your financial future compared to the constraints of equity release.
  • Investigating what Stone Haven offers can uncover ways to leverage your property’s value without the need for an equity release.

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    Who Can Benefit From Stonehaven Equity Release?

    Homeowners over 55 seeking to unlock their property’s value can benefit from Stonehaven Equity Release.

    Who Is Stonehaven in the UK?

    Stonehaven is an information portal about equity release and equity release schemes and providers, although they do not offer equity release directly.

    Retirement Advantage was created through MGM Advantage’s rebrand which took place in 2015 following it’s acquisition of the former equity release lender, Stonehaven Equity Release.1

    Their roots date back to 1852 and They have remained consistent in maintaining a portfolio of retirement products that can be tailored to the individual needs of each consumer. 2

    Who Is Eligible for Equity Release in the UK?

    To be eligible for Equity Release, you need to be at least 55 years old and own a property in the UK that meets Stonehaven’s valuation criteria, typically starting from £70,000.

    The property must be your primary residence, ensuring that you are living in the home you wish to release equity from.

    This makes the scheme accessible to a wide range of homeowners looking to enhance their retirement finances.

    Most Popular Uses for Stonehaven Equity Release

    Common uses include:

    • Gaining access to tax-free cash to supplement retirement income.
    • Paying off a mortgage, debts, or loans.
    • Giving money to family members and children who may need an income boost.
    • Taking a dream trip.
    • Buying the car of one’s dreams.
    • Renovating one’s home or garden, which also should increase the property value.

    What Are the Key Features of Stonehaven Equity Release?

    Stonehaven offers flexible plans, including lump sums and drawdown options, with fixed interest rates.

    What Is an Equity Release?

    A mortgage equity release is a financial process that allows homeowners to turn their equity into cash, providing a way to access the value of their property without the need to sell it.

    What Equity Release Services Does Stonehaven Offer?

    Stonehaven once offered equity release, but is now only an information portal regarding equity release and different equity release types.

    Retirement Advantage acquired Stonehaven as an equity release provider in 2015.3

    To find out more about equity release options through Retirement Advantage, click here.

    This unique arrangement typically involves the repayment of the loan and any accrued interest from the proceeds of the home’s sale, usually occurring after the homeowner’s death or when they move into a care facility.

    What Types of Equity Release Does Stonehaven Offer?

    There are two equity release options available to you.

    • Lifetime mortgage: A mortgage secured on your property (provided it is your main residence), while retaining ownership.
    • Home reversion: This is where you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living on the property until you pass away, but you must agree to maintain and insure it.

    How Does One Apply for Stonehaven Equity Release?

    Applying involves consulting an adviser, property valuation, and selecting the most suitable equity release plan.

    What Is the Process of Applying for Equity Release?

    Applying for Equity Release involves several important steps.

    Begin by gathering all necessary financial information, including the value of your property, remaining mortgage balance, and age.

    It is also beneficial to consult with a financial advisor familiar with the requirements to discuss your specific situation.

    The application process starts with ensuring all documentation is accurately and completely filled out.

    The process typically includes a thorough property valuation and legal checks, which are essential steps.

    Once approval is obtained, the funds are released, providing a financial boost for those who qualify.

    It is crucial to fully understand the implications of equity release, as it can impact the value of your estate and any potential inheritance.

    Does Stonehaven Offer an Equity Release and Lifetime Mortgage Calculator?

    Before you consider using the Stonehaven equity release calculator, please note that we may be able to find you a better rate which could mean significant savings.

    Have a look at our equity release calculator for an approximation:

    How Does Stonehaven Equity Release Impact Financial Planning?

    It provides a tax-free cash lump sum, affecting estate value and inheritance planning.

    How Does Stonehaven Equity Release Affect Your Estate Value and Inheritance?

    Opting for equity release with Stonehaven will decrease the value of your estate, impacting the inheritance you plan to leave behind.

    As you release equity, the loan amount, plus any accrued interest, will be repaid from the sale of your home when you pass away or move into long-term care.

    However, Stonehaven offers plans that allow you to protect a portion of your property’s value for inheritance purposes, helping you balance financial freedom today with your legacy wishes.

    What Are Stonehaven’s Equity Release Interest Rates?

    Depending on your situation, equity release interest rates can range from 5.25% to 6.30%* (AER).

    *While we regularly review our rates, these may have changed since our last update.

    What Are the Tax Implications of Releasing Equity with Stonehaven?

    Releasing equity with Stonehaven is tax-free, meaning the lump sum you receive does not count as taxable income.

    However, how you use the released funds can have tax implications.

    For instance, if you invest the money, any income or gains from those investments could be subject to taxation.

    It’s important to consider these potential implications and consult with a financial adviser to plan effectively for your retirement finances.

    What Costs Are Involved With Stonehaven Equity Release?

    Costs include interest rates, advice fees, valuation fees, and potential early repayment charges.

    What Fees Are Associated With Stonehaven Equity Release?

    On average, equity release fees are £1,500 to £3,000.

    Some equity release providers offer a free evaluation, although some may charge for this depending on your chosen plan.

    What Are the Early Repayment Options and Penalties with Stonehaven Equity Release?

    Stonehaven understands that circumstances change, offering some flexibility in early repayments.

    Should you decide to repay your equity release plan early, there may be penalties, which are typically a percentage of the loan amount.

    These penalties are designed to cover the cost of the fixed interest rate deal but can vary depending on how early you choose to repay and the specific terms of your plan.

    How Does Stonehaven Compare With Other Equity Release Providers?

    Stonehaven is known for competitive rates and a range of equity release products.

    How Was Stonehaven’s Equity Release Information Reviewed?

    We compiled information on Stonehaven by considering all it’s data on the products it offers so that we can give you the most credible guide about this portal.

    How Does Stonehaven Equity Release Compare to Other UK Providers?

    Stonehaven stands out for its competitive interest rates and a strong focus on customer-centric features, such as inheritance protection and flexible repayment options.

    Compared to other providers, Stonehaven’s transparent fee structure and personalized approach to equity release planning ensure you have a clear understanding of your options.

    Their commitment to adhering to the Equity Release Council’s standards also adds an extra layer of security and peace of mind for customers.

    What Do Customers and Professionals Say About Stonehaven Equity Release?

    Reviews highlight Stonehaven’s customer service, product flexibility, and transparency.

    What Do Customers Say About Stonehaven Equity Release?

    See what customers have to say about Stonehaven on trusted review portals.

    What Are Common Complaints About Stonehaven Equity Release?

    If you are dissatisfied with Stonehaven’s experience and want to file a complaint, the easiest way to do so is to contact them directly through their website.4

    They are concerned about their clients’ needs and will refer you to the appropriate department.

    Alternatively, you can submit a review on a review site like Trustpilot or Feefo, and they will swiftly contact you to assist.

    Choosing the Right Financial Advisers in Stonehaven for Your Equity Release Journey

    Finding the right financial adviser in Stonehaven for your equity release needs can make a significant difference.

    These professionals possess the expertise to guide you through the complexities of equity release schemes.

    They can help you understand how releasing equity from your home might impact your financial situation in retirement.

    You should seek advisers who are well-versed in Stonehaven’s offerings.

    They can offer personalized advice based on your circumstances, ensuring that any decision made is in your best interest.

    Remember, the goal is to secure a comfortable retirement while mitigating any potential financial risks.

    How to Engage With Stonehaven for Equity Release

    Contacting Stonehaven involves direct inquiries or through financial advisers for personalised advice.

    Stonehaven’s FCA Details for Equity Release

    Stonehaven is regulated by the Financial Conduct Authority, ensuring compliance and consumer protection.

    Who Regulates Stonehaven Equity Release?

    • Financial Conduct Authority (FCA)5

    What Are Stonehaven’s Equity Release Registration Numbers?

    FCA Reg Number: 435892
    Companies House Number: 05487702

    How to Find Stonehaven’s FCA and Companies House Information?

    How to Contact Stonehaven for Equity Release Queries?

    • +44 0345 606 0708
    • customer.services@canadalife.co.uk
    • Canada Life Home Finance, Canada Life Place, Potters Bar, Hertfordshire, EN6 5BA.

    Please note that the website stonehavenequityrelease.info is not run by or affiliated with Canada Life and should not be used to compare Canada Life equity release products.

    Frequently Asked Questions About Stonehaven Equity Release

    What Is Stonehaven Equity Release?

    How Does Stonehaven Equity Release Work?

    What Are the Costs Involved With Stonehaven Equity Release?

    Is Stonehaven Equity Release Safe For Seniors?

    How To Apply For Stonehaven Equity Release?

    Is Stonehaven a Member of the Equity Release Council?

    Who Owns Stonehaven and How Does It Impact Equity Release?

    Does Stonehaven Specialize in Equity Release Services?

    How Safe Is Choosing Stonehaven for Equity Release?

    Concluding Thoughts on Stonehaven Equity Release Options

    If you are wondering who the top equity release companies are, Stonehaven may very well be able to help you with that answer.

    But it is always recommended to seek advice from an independent financial advisor as well, to ensure that all avenues have been explore.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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