Standard Life Home Finance has added six plans to its lifetime home loans range.
The financial services group’s later life lending arm debuts three lifetime mortgage products — Horizon 240, 260 and 280, while relaunching three other loans — Horizon 500, 550, and 600.
The firm says its Horizon range, for homeowners between 55 and 84, offers drawdown and lump sum options.
It also comes with a variety of loan-to-value tiers that start at up to 50% for older age groups.
Loan values range from £10,000 to £1.5m on properties valued between £99,000 and £5.1m.
The business says other highlights across the loans include:
- Partial capital repayments from day one
- Fixed early repayment charges for eight years
- Unrestricted early repayment charges exemption on death/admission to long-term care of first borrower
- And downsizing protection available from the day the loan completes
Standard Life Home Finance sales director Kay Westgarth says: “As the impact of the mini-Budget [on 23 September] starts to recede, we are delighted to be able to launch three new lifetime mortgage products to our Horizon range, as well as relaunch three of our previous lifetime mortgage products.
“Designed to provide customers with the ability to borrow the amount they need while providing as much flexibility as possible, these products will help more customers use their housing equity to improve their finances.
Westgarth adds that the launches “reinforce our commitment to the equity release market”.
The business says the move expands its lifetime mortgage product range to ten.