Change in circumstances: Moving house

As circumstances change in later life, you may wish to move to a home better suited to your needs.
Thanks to the options available with a Standard Life Home Finance Horizon lifetime mortgage, that’s not a problem.

If you want to move

If you’re wanting to move and wish to take your loan with you, we recommend you contact us at your earliest opportunity, so we can help you through the process. Please email [email protected], call 0800 188 4815, or alternatively you can write to the address below.

Standard Life Home Finance
PO Box 1168
Preston
PR2 0GB

When contacting us, please include your name(s), account reference number and any further details you have regarding moving, including your new property details and the date you wish to move, if you can.

Porting

All Horizon lifetime mortgages allow you to move, or ‘port’, your loan to your new property, providing it meets our lending criteria at that time. This means you will have the option to move home in the future without needing to repay your loan.

You can look up any costs associated with porting your loan within the tariff of charges document found in your offer pack.

Downsizing protection

If your new home fails to meet our lending criteria, you have the option to repay your loan in full without incurring an early repayment charge (ERC) due to our downsizing protection feature, applied to all Horizon lifetime mortgages from day one.

To check for charges associated with repaying your loan, please refer to the tariff of charges document found in your offer pack.

What happens next?

Following your request, we will send you an application form for you to complete fully and return. Once we have received this and checked the information thoroughly, we will be in touch with you to collect the valuation fee and arrange for a surveyor to contact the current owner or selling agent of the property you are buying. This valuation report will be reviewed to determine whether or not your new property meets our lending criteria and if your loan qualifies to be ported.

If your new property qualifies for porting, we will produce and send an offer document to your solicitor and another copy will be sent to yourself. If the property does not meet our criteria, we will be in touch to talk you through your options.

How long does the process take?

Moving home is a complex process and timescales will depend on the number of people involved, any legal requirements and potential queries raised. The full porting process can involve multiple solicitors, banks and financial advisers, and take anywhere between six and twelve weeks to complete. Please note, these timescales are not guaranteed and can be longer than expected if the legal processes are complex.

It is good practice to read your offer documents thoroughly and understand any requirements so that you can work closely with your solicitor to ensure queries are answered in good time.

During this time, your solicitor will be able to keep you updated on the progress, and once the legal work is complete and our solicitor is happy to proceed, you will be asked to sign a new contract.

A completion date will be agreed with all parties and at this stage you will be required to pay the arrangement fee and any partial repayments for your lifetime mortgage loan. Your solicitor will be able to help you with these requirements.

Do I need to seek advice from my adviser?

When porting your loan to a new property, you’re not required to speak with your equity release adviser. However, if you feel you need their support and wish to do so, you can. Your adviser may also support you in submitting the porting request and application form on your behalf.

Things to consider

A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
Equity release will reduce your estate’s value and may affect your entitlement to means-tested benefits
A lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future
You should always think carefully before securing a loan against your home to repay existing debt
The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
The Modern Lending Advisers fee of £599 is only payable on completion. All their equity release advice relates to Standard Life Home Finance's Horizon lifetime mortgages.

Still have questions?

If you still have questions, we’ll be happy to help. Get in touch here and we’ll get back to you as soon as possible.