The equity release provider has launched the Flexible Cash Release Lite which gives borrowers a minimum initial advance of £15,000 with the option of taking further minimum drawdowns of £2,000 from its Cash Reserve Facility.
It is available at 5.97 per cent, and Stonehaven guarantees that the Cash Reserve Facility will be available for the lifetime of the loan, regardless of house price or interest rate adjustments.
Stonehaven sales and marketing director, Georgina Smith, said: “We are absolutely focused on growing our share of the flexible products market and the interest rate for Flexible Cash Release Lite reflects this.
“This is a critical year for the growth cycle of equity release. By stimulating competition, more providers will improve their offering and equity release will more rapidly evolve as a product category and grow at a faster rate."
