At a Glance

• Products offered: Lifetime mortgages only
• Product range: Horizon and Horizon Interest Reward
• Minimum age: 55
• Minimum loan: £10,000
• Key strengths: Strong protections, clear ERC structure, flexible repayment options
• Trustpilot rating: 4.8 ★ (customer service themes very positive)

Standard Life Equity Release Options: Lifetime Mortgage vs Home Reversion

Standard Life offers lifetime mortgages, but not home reversion plans.

Understanding the difference helps customers decide whether Standard Life suits their needs.

Lifetime Mortgage

A lifetime mortgage is a loan secured against your home.

• You remain the full legal owner.
• You can choose not to make monthly repayments; if you do not repay, interest is added and builds up over time (compound interest, explained below).
• The loan is repaid when you die or move into long-term care, usually from the sale of your home.

Lifetime mortgages suit people who want:

• To stay in full ownership of their home
• Flexible borrowing (e.g., drawdown)
• The ability to move home
• Strong legal protections
• Optional voluntary repayments

Home Reversion (not offered by Standard Life)

A home reversion plan involves selling part or all of your home to a provider in exchange for a lump sum or regular income.

• You live in the home rent-free, but you no longer fully own it.
• There is no interest, because it is not a loan.

Home reversion may suit people who:

• Do not want a loan or the worry of accruing interest
• Prefer absolute certainty over the proportion of property left to beneficiaries
• Are comfortable giving up some ownership in exchange for a fixed sum

Since Standard Life does not offer home reversion, customers who prefer this option would need to consider lenders that do.

Standard Life's Lifetime Mortgage Products

Horizon Range

The Horizon plans offer fixed-for-life rates, flexible borrowing and several built-in protections.

Key features:

• Fixed interest rates
• Minimum loan £10,000
• Minimum age 55
• Drawdown facility available (interest only on funds released)
• Up to 10% voluntary repayments per year without penalty
• Early Repayment Charges (ERCs) fixed for 8 years, then 0%
• Free valuation

Built-in protections:

• Downsizing protection
• Significant life event waiver
• No Negative Equity Guarantee

These features give customers clarity and control throughout the lifetime of the mortgage.

Horizon Interest Reward

This variation offers a discounted interest rate if you commit to paying interest for 5, 10 or 15 years.

Key points:

• No affordability checks, i.e. you need to decide whether this is a financially viable option for you.
• If you stop paying, the discount ends, but the mortgage continues
• Completing the chosen term locks in the reduced rate for life

This suits customers who are confident they can make interest payments for a set period, while still keeping the flexibility to stop making payments at any time and allow the mortgage to switch automatically to roll-up interest without any penalties or affordability checks.

How Much Can You Borrow?

Borrowing is based on:

• Your age
• Your property value
• The Horizon tier selected

Standard Life does not offer medically enhanced products, so customers with life-limiting health conditions may find higher borrowing or different terms with some other lenders. A whole-of-market broker can review whether other providers offer alternatives suited to specific health circumstances.

Property Value and Type

Standard Life is often flexible with:

• Homes in higher flood-risk areas
• Applicants with historic credit issues
• Certain non-standard properties

Fees and Charges

• Arrangement fee: £995 (best rates) or fee-free at a higher rate
• ERC structure: 8-year fixed schedule, then 0%
• Valuation: Free at application

Customer Experience

Trustpilot reviews (4.8 ★) reflect:

• Clear explanations from case handlers
• Responsive communication
• Quick processing and drawdown access
• Supportive guidance throughout the application

Although Standard Life Home Finance has an excellent Trustpilot score, the number of reviews is comparatively small. This is because Standard Life separates its equity release business from its wider insurance and pensions brands; those broader services attract thousands of reviews, whereas the lifetime mortgage reviews apply only to this specialist division.

Benefits of Standard Life

• Flexible drawdown options
• Strong protections included from day one
• Clear and time-limited ERCs
• Voluntary repayments to help manage interest
• Consideration given to applicants with minor credit issues
• Potential flexibility for homes in some flood-risk zones

Where Standard Life May Not Be the Best Fit

You may wish to compare alternatives if you:

• Have health conditions that might increase borrowing with another lender.
• Prefer a home reversion plan.
• Own a significantly non-standard or unusual property.
• Want the highest possible loan-to-value.
• Need ERC-free repayment earlier than eight years.

Because Standard Life offers lifetime mortgages only, some customers look for independent guidance that covers a broader range of options.

A whole-of-market broker can:

• Compare Standard Life with other major lenders.
• Explain whether a lifetime mortgage or a home reversion plan better suits your needs.
• Review borrowing limits, protections and interest rates across providers.
• Check whether any lenders offer terms better suited to your health or circumstances.

Age Partnership, as a whole-of-market broker, includes Standard Life within its broader panel alongside lenders such as Aviva, Legal & General and More2Life. This helps customers understand and compare how Standard Life compares within the wider market.

Summary

Standard Life Home Finance offers flexible, protection-focused lifetime mortgages with a clear cost structure, strong safeguards and optional repayment flexibility. These products are well-suited to customers seeking long-term stability and the ability to tailor borrowing through drawdown.

Customers with specific health conditions, or those requiring the highest possible borrowing or a home reversion model, may wish to compare a wider range of options. Many people do this through a whole-of-market broker to understand how Standard Life compares with lenders such as Aviva, Legal & General and More2Life.