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Standard Life is a financial services provider with customers all over Europe. It specialises in providing savings and investment products, but it also has a series of products that allow customers to release equity from their home.
The products are:
With both products, you can remain living in your property for as long as you wish.
With a lifetime mortgage, interest can compound quickly leaving little to leave to your beneficiaries, but you’ll never owe more than the total value of your home.
With a home reversion plan, you sell a percentage of your home for well under market value, but there is no danger of interest payments spiralling out of control.
The maximum amount you can borrow will depend on your age, the value of your home and the amount of equity you’re willing to release.
There is an online calculator on the Standard Life website, which will give you a good estimate of how much money you can access.
You’ll have to pay an adviser fee (at least £1,695 or 2.25% of your initial advance), a valuation fee and legal fees.
After a successful application, your initial lump sum will be transferred to you. With a lifetime mortgage, your interest will begin to build from day one. The interest rate will be fixed throughout the term of the mortgage.
You can make early repayments on these products if you wish, but you may face a hefty early repayment charge for doing so.
All lifetime mortgages and home reversion plans are regulated by the FCA. You’ll need to apply with the help of a financial adviser.
With all of these products, there is no danger of owing the lender more than the value of your property.
Still, these products will have a hugely negative impact on the amount of money you leave for your heirs after you die.
You can begin your application by calling 0800 056 1606 or requesting a callback at standardlife.co.uk.
Standard Life has received generally poor reviews from customers, according to review site Trustpilot. It currently has a rating of 1.8 out of 5, based on more than 110 reviews (updated 12 April 2021). Some customers highlighted poor customer service and problems with contacting staff.
Standard Life is one of the few equity release providers that offers both lifetime mortgages and home reversion plans. There are several types of lifetime mortgage available too. Your financial adviser will help you figure out which product is best for you.
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