Stonehaven in equity release return - others set to follow
Stonehaven has returned to the equity release market a year after suspending new lending.
Money Marketing understands there are three other equity release lenders eyeing returns to the market.
The lender suspended new lending last March due to funding problems but said at the time the move was temporary.
Stonehaven were one of many providers which decided to pull out of the market, including Prudential, Northern Rock, Saffron Building Society Coventry Building Society and Retirement Plus.
The lender is launching four interest select products, which allow the borrower to decide how much interest they pay off each month and for how long, and two lump sum products.
LaterLiving equity release planner Simon Chalk (pictured) says: “We are optimistic that we will end the year with more providers than we started out with, marking encouraging growth for equity release.”