The new products, Horizon 780 and Horizon 800, offers 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 highly 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)
“While we’ve had a great start to the year, we do not intend to rest on a 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 said: “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.”
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