Will I still own my home?
Yes. With all Standard Life Home Finance lifetime mortgages, you’ll still own your home and can remain living in it for as long as you wish.
Can equity release debt be passed onto my loved ones?
No. All Standard Life Home Finance lifetime mortgages come with a no negative equity guarantee, meaning you’ll never owe more than your home is worth or pass on any equity release related debt to your loved ones.
Can I move house in the future?
Yes. All Standard Life Home Finance lifetime mortgages allow you to transfer your plan to a new home, subject to criteria. If your new home doesn’t meet this criteria, our downsizing protection feature allows you to move home and repay your loan in full without incurring early repayment charges from day one.
Who handles the legal process?
You’ll need to appoint an independent solicitor to handle the legal side of the process.
What can I use the money for?
You can spend your tax-free money in several ways, such as repaying an existing mortgage or debts, gifting to a family member, making home improvements or boosting your later life finances.
I still have a mortgage, can I take out equity release?
Yes. However, you’ll need to repay your existing mortgage on or before completion of your lifetime mortgage. You can use some or all of the money you release to do this.
What happens to my loan when I pass away?
Typically, when you pass away or move into long-term care, your home will be sold. The sale proceeds will then be used to repay the amount you owe, and any remaining equity in your home will be left to you or your estate.
How will my home be valued?
Your property will be valued by an independent RICS registered surveyor so you can be confident of an unbiased opinion of your home’s worth for mortgage purposes.
Will I have to make repayments?
No, not unless you choose to. With all Standard Life Home Finance lifetime mortgages, there are typically no monthly repayments for you to make, as the loan, plus roll-up interest, is repaid when your plan ends. However, you can choose to manage your total cost of borrowing by making ad-hoc or regular repayments without incurring early repayment charges. Subject to criteria.
Do I have to seek advice before taking equity release?
Yes. It is a regulatory requirement to seek advice from a qualified equity release adviser before taking out a lifetime mortgage. You can find an adviser by searching the Equity Release Council's database, or alternatively you can contact us to be introduced to Modern Lending Advisers (MLA), who we’ve carefully selected to give expert equity release advice on our behalf.
Unless you decide to go ahead, Modern Lending Advisers' service is completely free of charge, as their fixed advice fee of £599 is only payable on completion of a plan. All their equity release advice relates to Standard Life Home Finance's Horizon lifetime mortgages.