Standard Life Home Finance Celebrates First Anniversary

Standard Life Home Finance has supported more than 5,000 people with equity release since launching
The released funds have already helped almost 3,000 customers repay their debts, and over 1,500 families receive a financial gift from older relatives

24 November – UK equity release lender Standard Life Home Finance is today celebrating the first anniversary of its launch into the equity release market, releasing a report on the number of customers supported through equity release – and how they have used these funds – over the past year.

More than 5,100 people have been supported by Standard Life Home Finance since it launched in November 2022, helping people improve their financial circumstances with equity release, including:

Allowing 2,872 customers to repay debts and boost their income with 1,523 mortgages repaid and 1,234 credit cards cleared;
Enabling over 2,200 customers to make their homes more comfortable with refurbishments ranging from a new kitchen (740) to more accessible bathroom (789) to better insulated doors and windows (535);

Helping older borrowers support their loved ones, unlocking equity to provide more than 1,500 families with financing to boost 662 first-time buyers onto the property ladder and even enable 107 weddings to take place!

With an average property value sitting at just over £540,000, Standard Life Home Finance’s customers on average own more property wealth than the typical equity release client and release more than the market average (£133,000 vs. £108,000).¹

Kay Westgarth, Sales Director at Standard Life Home Finance, said: “Entering a new market can present its challenges, even with a well-respect brand and a versatile range of products, but we are delighted with the results and we are incredibly proud of what we have achieved with the support of our intermediary partners. Ensuring customers have access to flexible products is now more important than ever and our Defaqto five star rated product range provides inbuilt features like downsizing protection which are designed to support customer choice.

“As we enter our second year, Standard Life Home Finance remains committed to supporting the later life lending market as it continues to grow and flourish, despite the obvious challenges we see across the UK as a whole. We know that equity release can make a hugely positive difference to many customers lives and we are delighted to know that we’ve helped people to repay their mortgages, make their homes warmer and even paid for a few weddings. We look forward to continuing to work closely with advisers across the market as they work find the right options to suit the individual circumstances of their customers.”
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