Specialist lifetime mortgage lender Stonehaven has lifted the maximum loan it will advance to borrowers to £4m and will now lend against properties worth up to £10m.
According to Stonehaven, the lifetime mortgage specialist, has lifted the in response to growing demand from asset-rich older homeowners who want to stay in their homes but benefit from soaring house price growth.
The higher threshold has been developed in response to requests from financial advisers to provide a lifetime mortgage solution that will cater for higher asset rich individuals, for example, those wanting to manage their own inheritance tax planning or leave a legacy to children today, and to help people facing interest-only mortgage worries.
For older homeowners who no longer have a repayment vehicle in place and are facing restricted lending criteria from mainstream lenders, a lifetime mortgage can be used to release a cash lump sum to pay off the debt at the end of the mortgage term.
