Lump Sum Options

Interest rates

  Age 55 - 69 Age 70 - 74 Age 75+
Lump Sum Lite 5.92% 6.22% 6.32%
Lump Sum 6.08% 6.48% 6.68%
  Age 55 - 64 Age 65 - 69 Age 70 - 74 Age 75+
Lump Sum Plus 6.93% 7.03% 7.13% 7.23%
Lump Sum Max 7.06% 7.16% 7.26% 7.36%

All Lump Sum product options provide a one-off cash advance. It will be paid to the client account of the client's solicitors. Any outstanding mortgage or loan secured on the property must be repaid and can be repaid from the proceeds of this advance.

No monthly repayments need to be made, and the loan (plus any interest accrued and charges added to the loan), is repaid when the house is sold.

The minimum lump sum that can be borrowed is £20,000. The maximum depends on your clients circumstances, which includes their age and the value of their home. If there are two borrowers the amount available depends on the age of the younger borrower.

The differences between the Lump Sum options are the maximum amount that your client can borrow and the fixed interest rate that they will be charged.

Lump Sum Lite
Age 555657585960616263646566676869707172
Max LTV available (%) 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Age 737475767778798081828384858687888990
Max LTV available (%) 30 31 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32
Lump Sum
Age 555657585960616263646566676869707172
Max LTV available (%) 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32

Age 737475767778798081828384858687888990
Max LTV available (%) 33 34 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35
Lump Sum Plus
Age 555657585960616263646566676869707172
Max LTV available (%) 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38
Age 737475767778798081828384858687888990
Max LTV available (%) 39 40 41 41 41 41 41 41 41 41 41 41 41 41 41 41 41 41
Lump Sum Max
Age 555657585960616263646566
Max LTV available (%) 20.5 21.5 22.5 23.5 24.5 25.5 26.5 27.5 28.5 29.5 30.5 32.5
Age 676869707172737475767778
Max LTV available (%) 33.5 34.5 35.5 36.5 37.5 38.5 39.5 40.5 41.5 41.5 41.5 41.5
Age 798081828384858687888990
Max LTV available (%) 41.5 41.5 41.5 41.5 41.5 41.5 41.5 41.5 41.5 41.5 41.5 41.5

Exceptions:

The LTV may be adjusted in certain circumstances, such as sheltered accommodation or non-standard construction types.

Go to our Maximum Loan Calculator to find the maximum amount your client can borrow and the interest rate they will be charged.

Other information

Applicants

1. Minimum age (for the younger borrower)

55

2. Maximum age (for the younger borrower)

90

3. Status

Available on both single or joint-life basis. Joint borrowers do not need to be married and may be of the same sex. If the property is in joint names then both owners must apply for the loan.

Property

4. Location

England or Wales

5. Minimum property value

£70,000

6. Maximum property value

Maximum value of £2m in Greater London & SE, or £1m elsewhere (may be exceptions)

7. Type

See our Lending Policy.

Cash advances

8. Minimum advance

£20,000

9. Maximum advance

£500,000

10. Charges

See 'Our Costs'

Protected Equity Option

With all Stonehaven lifetime mortgages your client can choose to protect a percentage of the eventual sale value of their home. The No Negative Equity Guarantee and the amount that Stonehaven will lend are based on the value of the unprotected portion of the property.

If, in the future, your client wants to reduce the amount of equity protected in order to apply for further borrowing, then the following should happen:

  • If your client originally took out a lump sum and protected some of their equity, they must apply for additional borrowing through their financial adviser. Stonehaven will not charge for reducing the protected equity option, however the normal charges and conditions associated with additional borrowing will apply.

Please note that the above scenario may impact your client's beneficiaries and the implications should be explained to your client.