The firms say the new range will be made available to all equity release advisers on a phased basis. 

The new operation is funded by Standard Life and designed and run by Key Group, a long-standing equity release provider.

The new Standard Life Home Finance ‘Horizon’ range of lifetime mortgage products includes drawdown and lump sum options. 

Standard Life Home Finance Horizon range of Lifetime Mortgages:

• Rates from 3.28% to 4.03% APR; MER 3.06% to 3.78%
• Both lump sum and drawdown options
• Loan amount typically between £10,000 and £1,500,000, but higher value cases will be considered
• Partial repayments of up to 10% of the initial loan amount can be made over each 12-month period without incurring any early repayment charges (ERCs)
• No-negative equity guarantee and inheritance protection available
• From day one customers will not be liable to pay an ERC (early redemption charge) if they move to a property that does not meet the underwriting criteria or if one of the borrowers dies or goes into long term care

The Horizon range of products will be provided by Key Group and will use its platforms.

Tom Ground, managing director of Retirement Solutions at Standard Life, part of Phoenix Group, said: “As we continue to drive forward our growth ambitions for the Standard Life business, we are delighted to be supporting and funding these new “Horizon” lifetime mortgage products branded Standard Life Home Finance, through our strategic partnership with Key Group.” 

“We are especially proud that the Horizon range has secured a 5* rating from Defaqto and are confident that with the Standard Life name, innovative approach to early repayment charges and competitive rates, advisers will find that these products meet a wide range of customer needs.”