Standard Life Equity Release Mortgage

To find out more about Standard Life Equity Release Lifetime mortgages and the other leading equity release schemes on the market, Click on the image below to complete the Equity Release Quote request form and an equity release specialist will be in touch to offer you independent help, advice and quotes.

 

Standard Life Equity Release mortgage schemes lets you free up some of the value tied up in your home so that you can improve your lifestyle in retirement, whilst remaining in the home that you love.

Standard Life Bank is a member of SHIP (Safe Home Income Plans) and follow their strict code of practice, as well as being authorised and regulated by the Financial Services Authority.

To apply for the Standard Life Equity Release Mortgage the following conditions apply:

• Minimum age of the younger applicant is 60 with no maximum age being applicable.
• Your property must be of standard UK construction.
• You must either own your home outright or use some of the funds provided by the Lifetime Mortgage to clear any outstanding debt secured against the property.
• Your home should only be occupied by people who hold title to the property. If anyone lives with you who is not a co-owner of the property, you will not qualify for a Freestyle Lifetime Mortgage from Standard Life Bank
• You cannot use your home as security for any other financial agreement
• No medical or credit checks will be required
• Early Repayment Charges will apply in the first ten years.

Other features of the Standard Life Equity Release scheme are –

Fixed interest rate with no monthly payments.

The interest applied to the mortgage is at a fixed rate and will be compounded annually, with no monthly payment being required. This means that the interest accumulated each year is added to the total amount outstanding, with interest being charged in subsequent years on the new compounded amount. The mortgage is then repaid either when the last remaining applicant dies or moves into long term care.

Portable

If after taking out your Standard Life Equity Release Scheme you decide to move you can take the mortgage with you. If you move to a lower value property, you may be required to repay part of the loan. No early repayment charges will apply in this scenario.

Cash Reserve

If the amount Standard Life will lend is more than you want, the difference will be set up as a reserve facility at no extra cost, which you can draw upon at any time during the first five years of your mortgage, subject to a minimum of £5,000. If you want to borrow more money after five years, Standard Life will need to reassess your situation which will incur a £99 reassessment fee.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS,
ASK FOR A PERSONALISED ILLUSTRATION.