Stonehaven suspends equity release lending

Stonehaven, who has offered lifetime mortgages since August 2006, has pledged to honour applications which are received in the next four weeks. It also extended its completion deadline from three months to six months and said existing lifetime mortgage customers will not be affected by the decision. A message on its website says: "Stonehaven remains committed to this market and hopes to return when the funding market improves." No further details have yet been made available. The news will come as a futher blow to the beleaguered sector. In 2009, several lenders, including Co...