Standard Life Home Finance Equity Release Review

Is Equity Release from Standard Home Finance Reputable? We Review the Pros, Cons & Product Features
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Are You Considering Equity Release from Standard Life Home Finance? Read Our Review Before You Decide

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Standard Life Home Finance Equity Release


Standard Life Home Finance is a specialist later life lender. It focuses on providing products to over 55’s through reputable and accredited advisers.

The product offering is focused on lifetime mortgages with flexible options to suit the needs of its customers.

TABLE OF CONTENTS

What’s 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 equity release product you choose.

Who’s Standard Life Home Finance?

Standard Life Home Finance has been around for over 200 years and serves millions of customers. 

It’s owned by Phoenix Group, 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.

What About the Standard Life Home Finance Equity Release Calculator?

Before you go ahead and use the Standard Life Home Finance calculator, why not use our calculator to explore the equity release market as a whole?

We are confident that we can provide you with a solution that will cater to your needs and give you the best deal.

How Much Can You Release?

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Value of Your Home?

50000

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Why Consider Standard Life Home Finance?

You should consider Standard Life Home Finance because it’s a reputable brand and has provided services that cater to its customer’s 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.

it’s 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; it’s 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.

Standard Life Home Finance’s Online Reviews

It attracts mixed reviews online, some are positive, and some are more average. 

Customers seem to struggle with the administrative side of the business. However, they have now partnered with Key Group to assist with lifetime mortgage administration, making the experience much more straightforward.

Standard Life Home Finance’s Online Ratings

According to Defaqto, who is an independent financial information service business Standard Life Home Finance’s lifetime mortgage offering earns a 5-star rating.

Standard Life Home Finance Complaints

If you’re dissatisfied with Standard Life Home Finance and wish to make a complaint, the best option is to go on their website directly.

They care about their clients and will direct you to the appropriate department if possible.

Alternatively, use a review site like Trustpilot or Feefo to leave a review and they’ll respond quickly.

Pros & Cons

Pros

One of the pros of Standard Life Home Finance prides itself on competitive lifetime mortgages. Here’s more:

  • 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 for high property values is also beneficial.
  • It offers guaranteed inheritance protection.
  • You are offered downsizing protection from inception.
  • For the first 8 years, you enjoy fixed repayment charges.
  • Enjoy exemption from early repayment penalties.

Cons

There are always some cons when it comes to any kind of financial product that need to be considered; here are some to keep in mind:

  • A lifetime mortgage will devalue your inheritance.
  • Any equity release income earned can reduce our eligibility for benefits.
  • There are fees associated with these plans.
  • Compound interest becomes expensive if you don’t keep up the repayments and can mean your properties value on your passing is almost equal to what your estate owes in interest.

Standard Life Home Finance’s Qualification Criteria

Standard Life Home Finance has the following qualification criteria for their lifetime mortgage products:

  • You need to be between the ages of 55 & 84.
  • Its loans begin from £10 000 and go up to £1,500 000.
  • You must be the owner of your home.

Standard Life Home Finance’s Equity Release Interest Rates & Schemes Compared

Standard Life Home Finance Lifetime Mortgage

Standard Life Home Finance offers lifetime mortgages sold under the brand 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.

The Horizon plans have a few excellent flexible benefits. If your spouse passes away or moves into care, the remaining partner can repay the loan and not incur early repayment charges.

There is also 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. It specialises in the needs of later life clients.

Standard Life Home Finance’s FCA Details

Trading Names

Standard Life Home Finance is a trading name of more2life Limited.

Other Trading Names

more2life Ltd 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 & home finance
    • Investments

Regulators

The Financial Conduct Authority regulates Standard Life Home Finance

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

FCA & Company House Links

You can review the FCA information for Standard Life Home Finance here, or you can visit their page here.

Standard Life Home Finance Contact Number & Address

  • 0333 307 9000
  • Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH

Got Questions

Is Standard Life Home Finance a Member of the Equity Release Council?

What Are Standard Life Home Finance’s Interest Rates?

Who Owns Standard Life Home Finance?

Does Standard Life Home Finance Do Equity Release?

Is Standard Life Home Finance Equity Release Safe?

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 provider you are looking for.

If that’s the case, discuss this option with your financial adviser.

Alternatively, we have a large list of leading lenders for you to discover. What are you waiting for?

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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