Stone Haven Equity Release And Lifetime Mortgage Review in 2024

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…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Stone Haven equity release is a financial scheme allowing homeowners over 55 to unlock the value of their homes without selling.
  • It works by providing you with a tax-free cash sum or smaller amounts to draw down over time, secured against your home's value.
  • The costs typically include a setup fee, solicitor's fees, property valuation fees, and ongoing interest on the amount released.
  • It is generally safe for seniors, regulated by the Financial Conduct Authority and protected by the 'No Negative Equity' guarantee.
  • To apply, you typically need to contact the company directly, complete an application form, and receive a property valuation.

Are you eager to find out more about Stonehaven?

We are sure you will find this article useful.

We are here to share detailed information about Stonehaven in this all-inclusive company profile.

In This Article, You Will Discover:

    We have spent endless hours gathering the latest brand information with multiple expert consultations and detailed reviews of leading brands in the industry.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Stonehaven. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Stonehaven.

    Who Is Stonehaven?

    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

    What Is A Mortgage 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.

    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 Is the Process of Applying for a Stone Haven Equity Release?

    Applying for a Stone Haven 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 Stone Haven's requirements to discuss your specific situation.

    The application process with Stone Haven 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.

    What Services Do 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.

    Does Stonehaven Have an Equity Release or 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 Did We Review Information on Stonehaven?

    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.

    Stonehaven Customer Reviews

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

    Stonehaven Complaints

    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.

    Equity Release Interest Rates

    Depending on your situation, equity release interest rates can range from 5.20% to 6.30%* (AER).

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

    Equity Release Fees?

    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.

    Equity Release Types

    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.

    The Most Popular Equity Release Uses

    • 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.

    FCA Details

    Regulators

    • Financial Conduct Authority (FCA)5

    Registration Numbers

    FCA Reg Number: 435892
    Companies House Number: 05487702

    FCA and Companies House Link

    Stonehaven Contact Number

    • +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.

    Common Questions

    What Is Stone Haven Equity Release?

    How Does Stone Haven Equity Release Work?

    What Are the Costs Involved With Stone Haven Equity Release?

    Is Stone Haven Equity Release Safe For Seniors?

    How To Apply For Stone Haven Equity Release?

    Is Stonehaven a Member of the Equity Release Council?

    Who Owns Stonehaven?

    Does Stonehaven Offer Equity Release?

    Is Stonehaven Safe?

    In Conclusion

    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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