Standard Life Home Finance has launched a range of flexible lifetime mortgages with no prepayment charges if a customer moves to a property that does not meet the lender’s criteria.
The Horizon products were designed by Key Group, which owns the rights to use the Standard Life Home Finance brand following an agreement in September.
Standard Life funds the mortgages, but they will be offered through Key Group platforms.
The products will be gradually rolled out to all equity release advisors.
The rates are 3.28% to 4.03% annual percentage rate, or 3.06% to 3.78% equivalent monthly rate.
Borrowers can unlock between £10,000 and £1.5 million depending on the value of their home, with lump sum and direct debit options available.
The products have a non-negative capital guarantee and inheritance protection is an option.
Tom Ground, Managing Director of Standard Life’s Retirement Solutions, said: “As we continue to drive forward our growth ambitions for the Standard Life business, we are delighted to support and fund these new lifetime mortgage products. “Horizon” under the Standard Life Home Finance brand, through our strategic partnership with Key Group.
“Now more than ever, people are finding that their needs are changing and it’s important for us to provide this range of products that offer flexibility and value, and to ensure that people are not financially penalized if their circumstances change through no fault of their own. go.
“We are particularly proud that the Horizon range has been awarded a 5* rating by Defaqto and are confident that with the Standard Life name, an innovative approach to prepayment charges and competitive rates, advisors will find these products meet a wide range of customer needs. .”