Standard Life Home Finance has unveiled three new lifetime mortgage products – Horizon 240, 260 and 280, as well as relaunching three of its products – Horizon 500, 550, and 600 – bringing its total lifetime mortgage product range to 10.

Available to homeowners between the ages of 55 and 84, the Horizon range has been designed to be flexible and cater for a wide range of customer needs, offering both drawdown and lump sum options. It also offers a range of LTVs (up to 50% for older ages) designed to support those who need to maximise their borrowing.

All of the lifetime mortgage products on the Horizon range are Defaqto 5 Star rated and available on loan values from £10k – £1.5m for properties valued between £99k – £5.1m.

The new plan options come fully equipped with Standard Life Home Finance’s features, including:

• Partial capital repayments from day one
• Fixed early repayment charges (ERC) for eight years
• Unrestricted ERC exemption on death/admission to long-term care of first borrower
• Downsizing protection available from the day the loan completes

Kay Westgarth, sales director at Standard Life Home Finance, said: “As the impact of the mini budget starts to recede, we are delighted to be able to launch three new lifetime mortgage products to our Horizon range, as well as relaunch three of our previous lifetime mortgage products. Designed to provide customers with the ability to borrow the amount they need while providing as much flexibility as possible, these products will help more customers use their housing equity to improve their finances.

“While we’ve had a good start to the year, we do not intend to rest on our laurels and are constantly looking to improve our service, from the products we offer to how we underwrite them. This launch is a great step forward and reinforces our commitment to the equity release market, providing customers with a life of possibilities while focusing on innovative support for the advisers that we work with.”