Key Takeaways
- The key features of Standard Life Home Finance equity release include no monthly payments, fixed interest rates, and the ability to remain in your home until you pass away or move into full-time care.
- It can be a beneficial option for seniors who want to access the wealth in their home without having to sell or move.
- They work by allowing you to release a sum of money from your home’s value, which is then repaid when the home is sold or the homeowner passes away.
- The pros include no monthly payments and staying in your home, while the cons include compounding interest and possibly reducing your estate’s value.
- Customer reviews generally commend the straightforward process and helpful customer service, although individual experiences and satisfaction can vary.
Standard Life Home Finance is a specialist later-life lender offering equity release. It focuses on providing products to over-55s through reputable and accredited advisers.
It’s product offering is focused on lifetime mortgages with flexible options to suit the needs of its customers.
At SovereignBoss, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.
Read on to find out more about Standard Life Home Finance.
NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details provided in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of Standard Life Home Finance. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Standard Life Home Finance.
What Is Equity Release?
Equity release is a broad financial term used in the later-life lending sector to encompass a range of products that can unlock the capital value of your property and allow you to access it.
With these solutions, you can stay in your home and retain ownership of your property or stay on as a lifetime tenant, depending on the retirement equity release product you choose.
Who Is Standard Life Home Finance?
Standard Life Home Finance has been a going concern for almost 200 years1 and serves millions of customers.
It is owned by Phoenix Group2, one of the largest and most well-established later-life lenders and retirement companies in the UK.
Standard Life Home Finance has recently partnered with Key Group to offer a set of Standard Life Home Finance lifetime mortgages to advisors.
These plans will be administered by Key Group, another reputable financial provider.
Why Consider Standard Life Home Finance?
You should consider Standard Life Home Finance because it is a reputable brand that has provided services that cater to its customers’ retirement savings needs for many years.
It offers a range of saving solutions and prides itself on providing clients with responsible lending solutions for their later-life needs.
Standard Life Home Finance is a specialist lender in the over-55 market and offers a set of flexible lifetime mortgage products that cater to this market’s specific needs.
The company is proud to offer market-leading options when it comes to early repayment charges.
Standard Life Home Finance works through accredited advisors to make sure that its customers make informed choices before considering a product solution.
Does Standard Life Home Finance Have an Equity Release Calculator?
Yes, Standard Life Home Finance has an equity release calculator.
Before using the Standard Life Home Finance equity release calculator, try the one below and we will connect you with a provider who can almost always match and possibly beat any existing equity release quote that you may find elsewhere.
Customer Reviews
The company attracts mixed reviews online; some are positive whilst some are average.
Customers seem to struggle with the administrative side of the business.
However, the company has now partnered with Key Group to assist with lifetime mortgage administration, making the experience much more straightforward.
More information.
- Standard Life Home Finance reviews on Trustpilot.
- Standard Life Home Finance reviews on Unbiased.
Online Ratings
According to Defaqto, an independent financial information service business, Standard Life Home Finance’s lifetime mortgage offering earns a 5-star rating.
How Did We Review the Info on Standard Life Home Finance?
We reviewed Standard Life Home Finance based on the following:
- Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
- Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
- Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
- Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
- Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
- Code of Conduct and Compliance – We only considered companies that adhere to recognised industry standards and codes.
- Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
- Innovation and Technology – Is there a streamlined, digital application process?
- Client Testimonials – Success stories and the complaints resolution process.
As an unaffiliated, third party reviewer, our article on Standard Life Home Finance is independent.
Customer Complaints
If you are dissatisfied with Standard Life Home Finance and wish to make a complaint, you can do so by completing it’s online complaint form.
Alternatively, you can call the customer relations department on 0345 606 0042.
Should you wish to send a letter of complaint, you can do so to the following address:
Customer Relations
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
If you want to make a more public complaint, then you can use a review site like Trustpilot or Feefo.
What Are the Advantages and Disadvantages of Using Standard Life Home Finance?
The advantages and disadvantages of using Standard Life Home Finance include that it offers fixed repayment charges however, any equity release product will reduce your inheritance.
Pros
One of the pros of using Standard Life Home Finance is that the company prides itself on providing competitive lifetime mortgages.
More information.
- It offers both a fee-paid plan and a fee-free plan.
- The rates it offers are relatively low compared to the market.
- The loan-to-value amount offered is flexible and designed to meet the customer’s needs; catering to high property values is also beneficial.
- It offers guaranteed inheritance protection and downsizing protection.
- You will enjoy fixed repayment charges for the first eight years and no repayment charges thereafter.
- You will enjoy exemption from early repayment penalties if your partner dies or goes into long-term care.
Cons
There are always some cons that need to be considered when it comes to any kind of financial product.
Here are some to keep in mind.
- A lifetime mortgage will devalue your inheritance.
- Any equity release income can reduce your eligibility for benefits.
- There are fees associated with most of these plans.
- Compound interest becomes expensive if you do not keep up the repayments and can mean your property’s value on your passing could be almost equal to what your estate owes in interest.
- You could incur early repayment fees should you wish to settle your plan earlier than agreed.
Standard Life Home Finance’s Qualification Criteria
Standard Life Home Finance has the following qualification criteria for its lifetime mortgage products:
- You need to be between the ages of 55 & 84.
- You could release between £10,000 and £1,500,000.
- You must be the owner of your home.
- Your home must be worth at least £99,000
Standard Life Home Finance’s Equity Release Interest Rates and Schemes Compared
The interest rates that Standard Life Home Finance offer are deal-dependent and will vary based on each individual’s application.
Interest rates for equity release currently range from [INTEREST_RATE_RANGE]*.
The most current equity release rates are available for viewing here..
*While we regularly review our rates, these may have changed since our last update.
Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!
What Are Standard Life Home Finance’s Fees?
Standard Life charges a £995 arrangement fee on their lifetime mortgages.3
Further fees that are applicable when taking up your mortgage include:
- Valuation Fee – Free on Standard Life lifetime mortgages and are valid for 6 months.
- Solicitors Fee – estimated at £510 but would need to be paid by you directly to your chosen lawyer.
If you make changes to your lifetime mortgage, the following fees may apply:
- Further lending arrangement fee
- Moving home (arrangement fee) — £500
- Changes in borrowers
- Transfer of equity
- Part sale of land (admin fee) — £100
- Unpaid ground rent / service charges (admin fee) — £100
If you want to make any repayments during the lifetime of your mortgage, you could be liable for a partial repayment fee.
Partial repayments of 10% of your loan can usually be made within each 12-month period.
Standard Life Home Finance’s Lifetime Mortgage
Standard Life Home Finance’s lifetime mortgages are sold under the name Horizon.
What Does Standard Life Home Finance Offer?
Standard Life Home Finance offers lump-sum products as well as drawdown options.
It prides itself on offering a competitive loan to value from 8% to 54% while also catering to clients who need a plan for a property with a high value.4
The Horizon plans have a few excellent flexible benefits. For example, if your spouse passes away or moves into care, you will be able to repay the loan and not incur early repayment charges.
These plans also offer guaranteed inheritance protection as well as downsizing protection.
Standard Life Home Finance’s Other Services
Standard Life Home Finance’s other services include pensions, other retirement products, and bonds.
The company specialises in the needs of later-life clients.
Standard Life Home Finance’s Regulatory Details
Trading Names
Standard Life Home Finance is a trading name of More2Life Limited.
Other Trading Names
More2Life Limited uses the Standard Life brand under licence from Standard Life Assets and Employee Services Limited.
Other trading names include:
- Standard Life Assurance Limited
- Standard Life Savings Limited
- Standard Life Pension Funds Limited
- Standard Life Lifetime Mortgages Limited
Permitted Services
Standard Life Assurance Limited
- Banking
- Insurance
- Mortgages and home finance
- Consumer Credit
- Pensions
- Investments
Standard Life Savings Limited
- Pensions
- Investments
Standard Life Pension Funds Limited
- Banking
- Insurance
- Pensions
- Investments
Standard Life Lifetime Mortgages Limited
- Mortgages and home finance
- Investments
Regulators
Standard Life Home Finance is regulated by the Financial Conduct Authority5 and the Prudential Regulation Authority.
Registration Numbers
- Standard Life Assets and Employee Services Limited – 5390268
- Standard Life Assurance Limited – 439567
- Standard Life Savings Limited – 188796
- Standard Life Pension Funds Limited – 110466
- Standard Life Lifetime Mortgages Limited – 310206
Registration Numbers
- FCA Ref Number: 439567
- Company Reg Number: SC286833
FCA and Companies House Link
- FCA Link: FCA Link
- Companies House Link: Companies House Link
Standard Life Home Finance Contact Number and Address
- 0800 188 4815
- Standard Life House, 30 Lothian Road, Edinburgh, Midlothian, EH1 2DH, United Kingdom.
Common Questions
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Conclusion
Should you be looking for a specialist later-life mortgage that offers flexible features and market-related interest rates, Standard Life Home Finance could be the best equity release company for you.
If that is the case, discuss this option with your financial adviser.
Alternatively, if Standard Life Home Finance equity release is not what you are looking for, we have a large list of leading lenders for you to discover.
The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.