Stonehaven has introduced a new product range which offers customers control over any early repayment charges (ERCs) across the entire duration of their lifetime mortgage.

The new Fixed ERC replaces Stonehaven’s existing variable charges and applies to its entire range, including its voluntary and interest select products.

Robert Sharpe, executive chairman at Stonehaven, said: “This new product is a game-changer. In keeping with the ethos of Stonehaven we have listened to customers, conducting research where they have told us they want greater simplicity and certainty. This is our response. It is the most flexible product of its type on the market and combined with our rates which are among the best out there, it offers people real peace of mind.

“This straightforward, transparent approach will provide welcome certainty to customers as they sit down with advisers to plan their finances – whether it be for retirement, home improvements or paying off existing debts.”

The new fixed early repayment charges from Stonehaven are as follows:

• Years 0-5 of the lifetime mortgage: 5% charge on any early repayments
• Years 6-8: 3% charge on any early repayments
• Years 9+: no charge on any early repayments

Stonehaven has also launched a new cash reserve facility, which will be available across their entire product range. The facility allows customers the option to withdraw further money at any time without having to seek financial advice. Customers will also have the option to service the interest.

Sharpe added: “When I joined Stonehaven in December, we set out to become the market leader in equity release. The launch of these new products is proof of our commitment to constantly improve the options available to consumers, making equity release as attractive a prospect as possible.

“This is a rapidly growing market and with house prices continuing to rise and an ageing population, the ranks of equity release adopters is set to swell still further. These are exciting times.”