Our costs & interest rates

When taking out a Stonehaven lifetime mortgage, there are some costs and charges that will need to be paid. Some of these charges are standard and are associated with the set up of the mortgage. Others relate to additional services that your client may request after taking out their mortgage. In these instances, we will always tell your client what the charge will be before providing them with the service.

1. Interest rate

The interest rate for each cash advance is fixed for the life of the mortgage. Interest is calculated daily and added to the loan each month. Interest is only ever charged on the loan amount outstanding.

The interest rate is shown in the Key Facts Illustration (KFI) and Offer letter from Stonehaven and is guaranteed for 12 weeks from the day that Stonehaven receive the application. If the mortgage is not completed within this time frame, the interest rate may change.

For further draw-downs from a Cash Reserve Facility, the interest rate will be set at the time your client applies for the cash. Stonehaven will provide your client with an offer letter, confirming the interest rate and APR. Your client will then need to confirm that they accept the terms. This is described in more detail in the 'Other Events' section

2. Application fee - FREE

If applicable, this covers the initial administration costs of setting up the mortgage and is payable by cheque when your client submits their application.

3. Valuation fee - From £120

This covers the cost of the house valuation and is payable by cheque when the application is submitted. This fee is non-refundable and VAT is included in the price.

Property value Valuation fee
£70-000 - £100,000 £120
£100,001-£150,000 £160
£150,001-£200,000 £200
£200,001-£250,000 £230
£250,001-£300,000 £260
£300,001-£350,000 £285
£350,001-£400,000 £350
£400,001-£450,000 £395
£450,001-£500,000 £450
£500,001-£600,000 £475
£600,001-£700,000 £540
£700,001-£800,000 £635
£800,001-£900,000 £735
£900,001-£1,000,000 £820
£1,000,000 or over Available on request

So that we can keep these fees as low as possible, please note that the valuation report is for mortgage purposes only and is not available to clients.

If the property is for a new house purchase and your client requires a Home Buyers Report, please contact Stonehaven for a quote.

4. Completion fee

England & Wales �650

This is payable on completion of the mortgage and covers the costs associated with setting up the mortgage, including our legal fees and telegraphic transfer fee. This fee will be added to the lifetime mortgage.

5. Legal fees

The completion fee will be used to cover the cost of Stonehaven's legal fees, however there may be some additional charges for properties where additional legal costs are incurred by Stonehaven, for instance:

  • Unregistered properties
  • Leasehold properties
  • Properties to be purchased

The amount for these additional charges will be deducted from the initial advance before sending the money to your client's solicitor.

In addition to Stonehaven's solicitor, your client will be required to appoint their own independent solicitor. The legal adviser your client instructs must be different from ours and they will protect your client's interests. We have appointed Eversheds as Stonehaven's solicitors.

Your client will be responsible for paying for their legal costs. If your client chooses to use the services of a legal adviser who is a member of the independent National Solicitors' Network, their costs have been agreed beforehand and are £350 plus VAT. They can contact the independent National Solicitors' Network on 0845 389 0381 or email them at enquiries@tnsn.com. If your client decides to appoint another legal adviser they will be responsible for negotiating the costs.


For all other costs, please refer to 'Our Costs' document »