Other events
Additional borrowing
If your client has a Cash Reserve Facility and wants to make a drawdown from the facility, they can apply directly to Stonehaven at:
Stonehaven
Pioneer House
Ulster Science & Technology Park
Branch Road
Londonderry
BT48OSP
If your client wants to borrow further funds and does not have our Cash Reserve Facility, they can still apply at any point provided it meets our current lending criteria and that sufficient property equity exists, In this case they will need to obtain independent financial advice from you and you can contact Stonehaven directly to obtain a Key Facts Illustration for the additional borrowing. Your client may need to pay for a new property valuation at that time.
Please note, the earliest time your client can apply for any further borrowing is 8 weeks after the initial loan completion date. This is because the original loan must be registered at the land registry before any further borrowing can be taken.
1. Transfer from joint names to a sole name
Where the mortgage is held in joint names, and your client wishes to transfer the mortgage into the one name (for example, upon divorce), your client must contact Stonehaven. An administration charge will be added to the loan.
2. Transfer from a sole name to joint names
Where the mortgage is held in a sole name, and your client wishes to add a second person (for example, through marriage), the second person must apply to join the mortgage. Where the person who is joining is older, we may agree to transfer the mortgage into joint names and an administration charge will be incurred.
Where the person who is joining is younger, but still above the minimum age required under the terms and conditions of our lifetime mortgages, we may agree and treat them as joint borrowers. If we agree, we may ask the client to repay some of the loan. If we require a revaluation of the property to ascertain its current value we will make a charge for this.
Where part repayment is required we may charge an ERC.
Where we agree to transfer the mortgage into joint names the legal ownership of the property must also be transferred into joint names at the same time.
Stonehaven will not agree to transfer the mortgage into joint names with a person who is below the minimum age requirements of the lifetime mortgage. Should your client wish to proceed with the transfer of ownership into both names, the mortgage must be repaid. Any applicable early repayment charges and redemption fees will be applied in this case.