The move follows the latest figures from the Equity Release Council which found that the average value of drawdown lending per customer in the equity release market was up 4% in the first quarter of 2015, compared to the last quarter of 2014.
Stonehaven are also announcing a simplification of their product range, with the products with higher LTVs being known as Gold and Platinum across the range. Stonehaven is also introducing free valuations to all new customers as part of their service.
Robert Sharpe, Executive Chairman at Stonehaven, commented:
“At Stonehaven we pride ourselves on our flexibility and our responsiveness to customer needs. A little under two months ago we introduced fixed early repayment charges and a cash reserve facility feature. Since then we’ve continued to listen to feedback from advisers, and have conducted in-depth customer research. Today we’re responding to increased demand in the market and a desire from customers to release more of the value of their property by increasing the LTVs of the loans we are able to offer.
“We are making equity release an attractive option in an even wider range of circumstances. When people sit down with their financial adviser to discuss their options – whether they are looking to fund home improvements, retirement planning, debt consolidation, a gift to a family member, or any number of other uses – equity release is a compelling option.
“We know our customers value flexibility, and so do advisers when they talk a client through their options. We’ve listened to what people are saying and responded – just as we did on fixed ERCs."
