Specialist lifetime mortgage provider Stonehaven has cut the interest rates on its Interest Select Lifetime Mortgages.

The new monthly interest rates will be:

Interest Select Lite       5.99%
Interest Select           6.08%
Interest Select Plus       6.17%
Interest Select Max      6.81%

The interest rates on Stonehaven’s Lump Sum Options will remain at:

Lump Sum Lite            5.89%
Lump Sum                 5.98%

Stonehaven’s managing director, Georgina Smith, said: “Our Interest Select lifetime mortgages have been designed to overcome customer concerns about the impact of interest roll up.

“By allowing the customer to choose the amount of interest they pay per month and for how long, it allows the customer to stay in control and can significantly reduce the size of the rolled-up loan, lessening the impact upon later inheritance for their family members. Our new rate change brings even more value to a great product.”