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Standard Life Home Finance has added six plans to its portfolio of life mortgages.
The group’s Senior Lending division of Financial Services is introducing three lifetime mortgage products: Horizon 240, 260 and 280, and is relaunching three other loans: Horizon 500, 550 and 600.
The firm says its Horizon line for homeowners ages 55 to 84 offers drawdown and lump sum options.
It also comes with various credit-to-value levels that start at 50% for older age groups.
Loan values range from £10,000 to £1.5m for properties ranging from £99,000 to £5.1m.
The business says other highlights on loans include:
- Partial repayment of capital from the first day
- Fixed prepayment for eight years
- Unlimited exemption from early repayment fees in case of death/hospitalization of the first borrower
- Downgrade protection is available from the loan repayment date.
Standard Life Home Finance Sales Director Kay Westgarth says: “Because the impact of a mini-budget [on 23 September] begins to recede, we are excited to be able to launch three new lifetime mortgage products for our Horizon line, as well as relaunch three of our previous lifetime mortgage products.
“Designed to enable clients to borrow the amount they need while providing maximum flexibility, these products will help more clients use their capital to improve their financial situation.
Westgarth adds that the launches “strengthen our commitment to the stock market.”
The company says the move will expand its range of mortgage products to ten.
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