Our lending policy

Eligibility

As with most lending products, there are several key requirements that your client will need to meet in order to be eligible for a Stonehaven lifetime mortgage.

Before you submit an application form, please check that your client and their property meet our lending criteria. The most basic requirements are:

  • Your client must be aged over 55,
  • Your client must be a homeowner,
  • Your client must be a UK resident.

The other requirements are related to personal circumstances, the size of the loan, and the property.

Outstanding mortgages

If there is a mortgage outstanding on the property then this must be repaid either before or at the start of the Stonehaven lifetime mortgage. The funds provided by Stonehaven can be used to clear this debt.

Secured borrowing

After starting the Stonehaven lifetime mortgage, the property cannot be used as security for any other financial agreement.

Buildings insurance

Your client must have sufficient buildings insurance to cover their property and it must be with a recognised insurer. This insurance must be maintained throughout the life of this mortgage.

Other occupiers

On application, the home should be occupied by people who hold title to the property. If there is anyone else living in the property aged 17 or over, they must seek independent legal advice and sign an Occupiers Deed of Consent. See application form for further details.

Sheltered accommodation

Sheltered accommodation will be considered. This means your client must live in their own property with an alarm system and access to communal areas.

Non-standard construction

Stonehaven will consider non-standard construction. Please see our 'Guide to acceptable properties and applicants' for further information.