Why choose a Standard Life Home Finance lifetime mortgage?
All our lifetime mortgages are rated 5 stars by Defaqto and include the following protections.
The option to make partial repayments
You can help manage the size of your lifetime mortgage loan and your total cost of borrowing by servicing the interest or repaying capital with ad-hoc or regular repayments, choosing how much you wish to repay and when, without incurring early repayment charges. Subject to criteria.
However, if making repayments doesn’t suit your circumstances, there’s no obligation for you to do so, and instead, the whole amount will be repaid when your lifetime mortgage comes to an end, which is typically when the last surviving applicant passes away or moves into long-term care.
Avoid passing on equity release debt with a no negative equity guarantee
Our lifetime mortgages come with a no negative equity guarantee, meaning you can never owe more than your home’s future value or pass on any equity release related debt to your beneficiaries
No need to downsize
With a lifetime mortgage, you can unlock some of the value from your home without having to move or downsize. You’ll retain full ownership of your property and can remain living there for as long as you wish.
Flexibility to move home in the future
Should you wish to move home after taking out your lifetime mortgage, you may be able to take your lifetime mortgage loan with you to your new home, subject to criteria. This is called porting. You may be subject to a partial repayment should the value of the new property be less than the outstanding lifetime mortgage amount.
If your new property fails to meet our lending criteria, you then have the option to repay your loan early and in full, with our downsizing protection feature, without incurring any early repayment charges.
Interest rates fixed for life
The interest rate on your lifetime mortgage is fixed for life, protecting you against any future interest rate rises. That said, if interest rates reduce, you may have the opportunity to remortgage your plan and secure a lower rate, subject to early repayment charges.
All our plans meet Equity Release Council standards
As the UK trade body for equity release, the Equity Release Council works to set the standards for consumers within the equity release market, and all our lifetime mortgages have been developed to meet these standards.
Financial Conduct Authority regulated
Standard Life Home Finance and the equity release sector is regulated by the Financial Conduct Authority (FCA).