Our lifetime mortgages

We are dedicated to helping you achieve a life full of possibilities through our competitive and customer-focused lifetime mortgages.

Standard Life Home Finance's Horizon lifetime mortgages give you everything needed to help secure a brighter financial future. With competitive interest rates and a range of market-leading features as standard at no extra cost, you can be confident you’ll find a plan with protection to help meet your needs today, as well as in the future.

All our Horizon lifetime mortgages have been developed to help tackle the ever-growing demands of later life and come with the option to make repayments, including the freedom to repay your loan in full if you wish to move home in the future without incurring early repayment charges (ERCs). Subject to criteria.

Peace of mind with Horizon

All our lifetime mortgages include a range of flexible features designed to offer you peace of mind in later life, while meeting the standards set out by the Equity Release Council. These standards put in place by the Equity Release Council, the UK's equity release industry body, have been designed to help achieve good customer outcomes.

No negative equity

The no negative equity guarantee means you can never owe more than your home is worth or pass on any equity release debt.

Remain in your home

You have the right to remain in your property for life or until you, or the last remaining applicant, move into long-term care.

Make repayments

With any Horizon lifetime mortgage you can make ad-hoc voluntary payments of up to 10% of the original loan amount each year without any early repayment charges (ERCs). This is in addition to your contractual payments if you choose a Horizon interest reward lifetime mortgage.

Fixed interest rates

The interest rate on your lifetime mortgage is fixed for life, protecting you against any future interest rate rises.

With a Horizon Interest Reward lifetime mortgage only, to retain a discounted interest rate for the duration of your lifetime mortgage, you must keep up with making your set monthly payments for the term agreed.

Right to move home

The right to move home in the future subject to your new home meeting our lending criteria at that time

Are you eligible for a lifetime mortgage?

It’s easy to find out if you’re eligible for a Standard Life Home Finance Horizon lifetime mortgage. You should qualify if you’re:

1.    Aged 55 or over (on joint life applications, you both need to be over 55)

2.    Looking to borrow at least £15,000

3.    A UK-based homeowner (excluding the Isle of Man or the Channel Islands) with a property worth at least £99,000

4.    A UK resident where your home is your permanent and primary residence which is not left unoccupied for more than six months in a given year

What happens next?

Supporting you every step of the way with a market-leading lifetime mortgage.

Step 1: Get expert advice

After getting in touch with us, we’ll carry out checks to ensure you’re eligible for a lifetime mortgage before arranging a call with an expert FCA-regulated equity release adviser.

The adviser we put you in touch with can only offer advice on our lifetime mortgages, and if they don’t believe this option to be suitable for you, they’ll say so. After undertaking a factfind, if equity release is a viable option, they’ll arrange a second appointment to make a recommendation. It is at this time that they will present a personalised illustration and discuss the risks, costs and benefits involved in relation to your current circumstances.

If you wish to find your own independent financial advisers, you can search the Equity Release Council's database of registered equity release adviser members.

Step 2: Talk to your loved ones

When considering equity release, we advise you to talk to your family about it, offering them the chance to help you in making the right decision for you. You are of course welcome to invite them to the advice sessions you have with your adviser.

It’s important to keep in mind that lifetime mortgages are typically settled by your estate when the last surviving applicant passes away, and by keeping your family informed, they're able to avoid unnecessary confusion at that time.

Download our guide to choosing equity release.

Step 3: Complete the application

After deciding to proceed, it’s the role of your adviser to help you complete your lifetime mortgage application, at which point we’ll arrange for your home’s independent valuation to take place.

Step 4: Receive an offer

Upon receiving a satisfactory property valuation, we’ll provide you with an offer to confirm your borrowing requirement and you’ll be taken through the offer and legal documents by your solicitor.

Step 5: Receive your money

On completion of your lifetime mortgage, you can expect to receive the money into your bank account from your solicitor.

How long will the process take?

Typically, from speaking with your equity release adviser and submitting an application, you can expect to complete the process and receive your funds within 8 to 12 weeks. By which time you will have:

Received independent legal advice
Completed your application
Had your home valued
Received an offer
Signed the paperwork

This timeframe isn’t guaranteed and factors such as the complexity of your case and the availability of your solicitor can impact your equity release completion time.

Further questions

If you have any outstanding questions about the process of taking out a lifetime mortgage, our customer support team are here to help.

Contact us

What to consider before taking out a lifetime mortgage

When considering equity release, we want you to be aware of the benefits and drawbacks before making a decision.

You can unlock cash from your home, tax-free, to help meet your needs in later life
You’ll always retain full ownership of your home and can stay in it for as long as you wish with a Horizon lifetime mortgage
You can choose to make reduced or no monthly repayments to suit your circumstances with a Horizon lifetime mortgage, subject to criteria. Or with a Horizon interest reward lifetime mortgage you'll be rewarded with a discounted interest rate by paying off some or all of the interest each month over an agreed term of 5, 10 or 15 years
You’ll never owe more than your home’s worth with a Horizon lifetime mortgage
You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges

A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
Equity release may leave you with limited or no property equity remaining
Equity release will reduce your financial options in the future
A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Getting the right advice

If you are considering a lifetime mortgage, it is required that you first seek advice from a qualified equity release adviser who will help you understand your options and advise on what is right for you.

All Equity Release Council members agree to abide by Equity Release Council rules, guidance and standards, and have signed up to the Council's Statement of Principles. When finding your equity release adviser, you can search the Equity Release Council's database of registered equity release adviser members.