Stonehaven has become the latest provider to temporarily withdraw from the equity release marketThe lender said all new lending was “suspended temporarily” but it would continue to honour applications received until April 7. Existing customers are not affected by the decision.

The move by Stonehaven follows the withdrawal from the market of a large number of equity release lenders over recent months, including Northern Rock, Saffron Building Society, Coventry Building Society and Retirement Plus.