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Standard Life - Horizon 300 (Drawdown)

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Horizon 300

  • Type Fixed
  • Rate 6.88%
  • APR 7.28%
Incentives:
  • Free Valuation
Offers:
  • 10%pa Partial Repayment Option
  • Day 1 No Early Repayment Charge*
  • Day 1 Downsizing Protection Feature**
  • Fixed Early Repayment Charges

Background

Standard Life was a recognised household name - synonymous with providing the UK with pensions, savings and insurance products. Having undergone significant corporate changes, they have now re-entered the later life market following their withdrawal from providing equity release plans in 2008.

Standard life's roots go back to 1825. They later became a mutual in 1925 with offices located worldwide including Canada and China. In 2006, it demutualised and floated on the London Stock Exchange and from their the brand segmented and owned by various companies. The latest of these is Phoenix Group, who in 2021 have now launched their range of lifetime mortgages under the Standard Life brand.

The Standard Life Home Finance range of lifetime mortgage plans is called Horizon, which offers both Lump Sum and Drawdown versions - with and without fee options. The range of plans start with low loan-to-value (LTV) products, but come with competitive interest rates. As the LTV's increase through the products, so does the interest rates accordingly. All plans include the flexible 10% partial repayment facility and fixed early repayment charges, of which most equity release plans have in today's competitive marketplace.

Eligibility

The Standard Life Horizon 300 Drawdown plan is specifically designed for homeowners looking for a single capital amount, coupled with a suite of flexible options to assist any changes in lifestyle that may arise in the future.

The minimum property valuation applicable to the Standard Life Home Finance Lifeime Mortgage is £99,000, with a maximum upper property valuation of £5.1 million. Please contact us directly on properties over £5.1m, as Standard Life may impose restrictions on certain properties over this value.

The property location which must be the homeowners main residence, needs to be located within England, Wales and mainland Scotland. Standard Life Home Finance will accept freehold and leasehold properties in England, with absolute ownership in mainland Scotland. Standard Life's criteria for leaseholds in England and Wales are defined as the lease term being a minimum of 175 minus the age of the youngest borrower at the time of completion.

Standard Life's Horizon 300 Equity Release scheme is available on both a single and joint life basis with a minimum age of youngest homeowner being 55, and an upper age limit of 84 on this lifetime mortgage.

The minimum release on the Horizon 300 Drawdown plan is £10,000 with a maximum loan capped at £1,500,000. For loans greater than this, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 088 5898 for your Standard Life Horizon 300 personalised Key Facts Illustration.

Features

This Standard Life's Horizon 300 plan provides an initial tax-free lump sum cash release for immediate use. This is ideal for those needing access to immediate cash, but at a potentially lower interest rate than many other equity release plans in the market.

This drawdown scheme aims to provide a release of equity commensurate with the amount the homeowner is likely to need over their lifetime. Drawdowns can be taken as a series of payments, as and when required throughout the homeowners lifetime by using the remaining cash reserve facility - this is the amount remaining following the initial withdrawal at inception. The size of the maximum drawdown facility is directly related to the age of the youngest applicant & the valuation of the property. Therefore, the older the applicant is the higher the overall maximum drawdown facility will be made available. Drawdowns can be taken in minimum amounts starting from £500 a time. The size of the maximum loan facility is directly related to the age of the youngest applicant & the valuation of the property. Therefore, the older the applicant is - the higher the overall maximum facility will be made available.

A generous free valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Standard Life Home Finance provide fixed early repayment charges on their Horizon 300 equity release plan which start at 8% in year 1, and reduce by 1% a year until after year 8 - where no early repayment charges apply.

Another important feature that the Standard Life Horizon drawdown range offers is the Day 1 downsizing protection feature. This inclusion allows anyone moving home immediately following inception of the mortgage, can repay the loan in full with NO penalty, should the next property NOT meet Standard Life's lending criteria.

All versions of the Standard Life Horizon 300 range come with the industry recognised 'No Negative Equity Guarantee'. Standard Life being members of the Equity Release Council, therefore ensure that any beneficiaries cannot by burdened by any debt over and above the final value of the property.

Options

This Standard Life Home Finance Horizon 300 Drawdown scheme allows any homeowner over 55 to spend their tax-free equity as they wish, with no requirements to making any repayments.

However, as part of the Standard Life features, they provide a Voluntary Partial Repayment Option, which allows homeowners to make upto 10% repayments of the original amount borrowed each year with NO penalty. The minimum amount that can be repaid is £50, and an unlimited number of payments can be made every year. Making contributions to an lifetime mortgage will help control the future balance of the lifetime mortgage, either to reduce the roll-up effect of the interest, pay off the interest only, or even reduce the future balance by utilising the full 10% per annum allowance.

As part of the Horizon 300 options, Standard Life can offer several fee structures which the homeowner can choose from - with or without an application fee. These are subject to regular changes, hence please call Freephone 0800 088 5898 for upto date information on availability.

A further option included is the Guaranteed Inheritance Feature which provides an option for the homeowner to secure a fixed percentage of the final sale value of the property to their beneficiaries. This is important for those who wish to guarantee a percentage of the house value from their inheritance.

*The Day 1 no early repayment charge applies to joint life plans where the loan is repaid anytime from inception of the plan following death, or long term care of a partner
**Downsizing protection applies immediately the plan has started and the new property does not meet Standard Life's acceptable lending criteria. The loan in such cases can be repaid with NO penalty
***The Standard Life Horizon 300 plan comes with the option of choosing whether to pay the application fee, or not. By selecting the fee free deal will increase the interest rate accordingly
****Rate quoted applies to the Horizon 300 Lump Sum equity release loan with a £995 application fee

To obtain further information or to request a quotation on the Standard Life Home Finance Horizon 300 Drawdown Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.

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