Standard Life Home Finance expands flexible lifetime offering

Published on

Standard Life Home Finance has added two new loan to value (LTV) products to its flexible lifetime mortgage range, Horizon.

The new products, Horizon 780 and Horizon 800, offer maximum LTVs of 55% and 56%, respectively.

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.

Each product in the Horizon range is applicable on loan values from £10k-£1.5m for properties valued between £99k-£5.1m. The new plan options both come fully equipped with Standard Life Home Finance’s market-leading 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
  • Ability to repay the policy without being charged an ERC if the client chooses to move to a property that is not suitable for equity release
  • Inheritance protection automatically included (where less than 50% of the maximum LTV is taken)

Kay Westgarth, head of sales at Standard Life Home Finance, said: “Having launched in October 2021, these are the first new additions to our product portfolio which will help us serve a wider range of customers who need higher LTVs.

“While we’ve had a great start to the year, we do not intend to rest on our laurels and are constantly looking to improve our serving from the products we offer to how we underwrite them.

“This launch is a great step forward and clearly underlines our strategy to provide customers with a life of possibilities by focusing on innovative support for the advisers that we work with.”

Tom Ground, managing director for retirement solutions at Standard Life, part of Phoenix Group, added:  “Since launch last year, Standard Life Home Finance has been incredibly well received by intermediaries and customers alike. The long heritage of the brand and its association with retirement is resonating with borrowers.

“As the funder of these products we believe that the equity release market will continue to grow as people increasingly consider housing wealth as part of their overall retirement planning, whether that’s to supplement their regular income or as means to fund big ticket items or gifts.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Wider mortgage options put borrower circumstances in focus on Lenders Live

Borrowers with historic credit problems and smaller deposits have more routes to explore, but...

Christodoulides joins ConveyBuddy as head of distribution

Former NatWest national account manager Luke Christodoulides has joined ConveyBuddy as head of distribution. Christodoulides...

MorganAsh adds BSL translation to customer websites

MorganAsh has introduced British Sign Language translations across its corporate website and itswhoiam.me consumer...

London flat owners face highest risk of resale losses

Nearly four in 10 London flats resold after being held for between five and...

Ireland boosts Help to Buy as UK prepares new first-time buyer scheme

Ireland has increased the maximum support available to first-time buyers under its Help to...

Latest publication

Other news

I’m 49. My dad’s 73. Between us we’ve found the hole in later life lending

I turn 50 in December, and the marketing has already started. Funeral plans, over-50s...

Wider mortgage options put borrower circumstances in focus on Lenders Live

Borrowers with historic credit problems and smaller deposits have more routes to explore, but...

Christodoulides joins ConveyBuddy as head of distribution

Former NatWest national account manager Luke Christodoulides has joined ConveyBuddy as head of distribution. Christodoulides...