We understand that circumstances can change, and you may find yourself considering redeeming your lifetime mortgage earlier than anticipated. We're here to provide you with all the information you need to make an informed decision and guide you through the redemption process.

Will there be any charges?

Early repayment charges (ERCs) may apply if you choose to partially or fully repay your loan early. Please refer to your offer documentation and tariff of charges to determine the charges involved.

With a Standard Life Home Finance Horizon lifetime mortgage however, ERCs are fixed for 8 years, with no ERCs applied from year 9. Plus during this time, in some circumstances, you may have the option to repay your lifetime mortgage in full without incurring an ERC.

For example, with our downsizing protection feature, if you move home in the future and your new property doesn’t meet our lending criteria, you can repay your loan in full without incurring ERCs. 

Alternatively, for joint cases, in the event of the joint applicant passing away or moving into long-term care, our early repayment charge exemption feature allows you to end your lifetime mortgage plan early and repay it in full if you wish, without incurring an ERC.

Please refer to our changes in circumstances pages for more information on moving home, bereavement and long-term care

How to redeem your loan

To redeem your loan early, you can reach out to us via email at [email protected], or call our Customer Support Team on 0800 188 4815. Alternatively, you can send a written request by post to the address below. Please include your account number (if known) and account holder’s name in your communication. Once we receive your request, a member of our team will be in touch.

Standard Life Home Finance
PO Box 1168 

What happens next?

Upon contacting us, our team will provide you with an account balance, also known as a redemption statement. This statement outlines the outstanding balance on your loan and provides the necessary information to proceed with the redemption process. Our representative will guide you through the subsequent steps, ensuring a smooth and efficient experience.

Redeeming the loan on behalf of someone else

For applicants unable to redeem their lifetime mortgage loan themselves, an executor or someone with a Lasting Power of Attorney for Property and Financial Affairs can do so instead, if the customer no longer retains capacity. We will require the original or a verified copy of the  Lasting Power of Attorney, along with verified identification of the named attorneys to be posted to the address above or sent via email to [email protected] 

We recommend sending any original or certified copies of ID via Special Delivery only, for increased security and these will be returned to you as soon as possible. We can return these via tracked mail if requested by yourselves. For further clarification on what we consider as original and verified copies, please consult our documentation on acceptable proof of authority and identification.

Still have questions? 

We aim to make the redemption of your lifetime mortgage as transparent and convenient as possible. Should you have any additional questions or require further assistance, please don't hesitate to contact our dedicated team on 0800 188 4815. We are here to help you every step of the way and ensure a satisfactory resolution.