Retirement Advantage - Interest Select Gold
Roll up Lifetime Mortgage
Rate: 5.36%
APR: 5.70%
Incentive Deal:
Features: FREE Valuation | £1,000 Cashback Option* | 8 Year Fixed Early Repayment Charges | Inheritance Protection | Drawdown Option** | 5 Yr Downsizing Protection | 3-Year No ERC On Death/LTC

Retirement Advantage was previously known as Stonehaven Equity Release prior to its re-branding in 2015. The lender has roots that date all the way back to 1985 and is one of the leading providers in the flexible lifetime mortgage and equity release schemes marketplace. The products available from Retirement Advantage offer a level of customisation to homeowners who want to be able to tailor their product to their individual needs.

The Retirement Advantage Interest Select Gold is available to homeowners who are between the ages of 55 and 90. The product is available on both a single and joint life basis. If borrowing jointly, the youngest borrower must be 90 or younger.

Available equity release loan amounts range from £10,000 to a maximum loan of £750,000.

In order for the property to be eligible for this product, it must have a minimum valuation amount of £70,000. The maximum valuation can go all the way up to £10 million. The property must be the homeowner’s main residence and must also be located in England, Wales or Scotland.

The Retirement Advantage Interest Select Gold comes with a variety of unique features. It is an interest-only lifetime mortgage scheme that provides an initial tax-free lump sum cash release to the homeowner. The homeowner is able to use that cash however they’d like and can use it immediately. Any remaining cash can be put aside in a cash reserve facility. The minimum withdrawal amount allowed from the cash reserve facility is £2,000.

As Retirement Advantage is a member of the Equity Release Council, each of their products comes standard with a no-negative equity guarantee. This means that if the eventual sale of the property does not satisfy the outstanding loan balance, the estate’s beneficiaries are not held responsible for the remaining balance.

The structure of the early repayment charges is also unique with this product. Retirement Advantage only charges early repayment charges for the first 8 years following the loan inception, drawdown, or additional borrowing. For the first 5 years, the early repayment charges are 5%. For the next 3 years, the charge is 3% and there are no early repayment charges after year 8.

Additional borrowing is also available on the Retirement Advantage Interest Select Gold with a minimum withdrawal amount of £4,000.

There are additional options available to the homeowner who takes advantage of this product. There is an Inheritance Protection available which allows the homeowner to secure a fixed percentage of the final sale value of the property to be used as an inheritance.

Two early repayment charge waiver features are built into Retirement Advantage's Interest & Voluntary Select plans.
Downsizing protection allows any homeowner who has held their plans for 5+ years, can repay their equity release mortgage with NO penalty upon downsizing.
The second feature is a compassionate waiver on joint plans where one party dies, or moves into care. On such an event, the survivor has a 3-year window in which they can opt to repay the whole scheme with NO penalty also.

The homeowner is also able to choose how much they contribute toward their interest. It can be anywhere between 50% of the interest calculation and 100% of the interest charged monthly. There is no affordability assessment conducted and therefore no proof of income is required. If the homeowner wanted to simply keep a level balance on their loan, they could pay 100% of the interest accrued.

The fixed monthly payment must be maintained for a minimum of 5 years, or the entirety of the loan. After five years, there is an option to stop making monthly payments and instead just allow the interest to roll-up. If the loan converted to a roll-up interest scheme without pre-determining this term, then the interest rate would increase by 0.2%.

If a homeowner wants to add the cash drawdown facility, the interest rate would also increase by 0.2%**.

Lastly, cashback of £1,000 is available as an option to the homeowner. If chosen, the interest rate would increase by 0.10%.

This product is ideal for the homeowner who wants to be able to build an equity release scheme that is tailored to their personal requirements. This could be to control the interest accruing on their loan, or just concerned about the impact of interest roll-up.

* £1000 cashback available for loans over £40,000


Call the Compare Equity Release team on 0800 678 5169 for further details, or to request a quote on the Retirement Advantage Interest Select Gold Lifetime Mortgage.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Special deals with incentives to save you money
  • Free initial advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes from the whole of the equity release market:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement L&G Crown