Standard Life Home Finance has added a new plan, Horizon 650, to its Horizon lifetime mortgage range.
Offering customers LTVs up to 52%, the new addition brings the equity release lender’s total lifetime mortgage product range to 11.
Available to homeowners between the ages of 55 and 84, Horizon 650 and its increased LTV offering has been introduced to support those who need to maximise their borrowing.
The new plan is fully equipped to allow customers to take advantage of 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 inflationary pressures begins to ease, we are delighted to be able to add this new plan to our Horizon range, bolstering the diverse range of options already available. Introduced to provide greater flexibility in how funds are used, this new plan reinforces our commitment to helping more customers use their housing equity to improve their finances.
“We’re excited to see the benefits that this new plan will bring for our customers, as well as the advisers that we work with. The launch further strengthens our position in the equity release market, as we continue to look for new ways to allow our customers to live life how they see fit, whether that be before or in retirement.”
