How could equity release impact your client’s lives?

1. Fixed ERCs of just 8 years

Fixed early repayment charges (ERCs) typically work on a sliding scale of fixed percentages in the early years of a lifetime mortgage loan, eventually reducing to zero. Across the lifetime mortgage market ERCs typically apply for 10 -15 years, but with Standard Life Home Finance’s Horizon range they only apply for the first 8 years.

With fixed ERCs on all Horizon plans, your client will always know how much they’ll be charged, should they choose to pay off the loan early in a circumstance where ERCs apply. Any charges which may be applicable will be detailed in the Key Facts illustration and Offer documentation.

2. An ERC exemption period that never expires

On a joint plan with Horizon, in the event that your client’s partner passes away or goes into long-term care, they have the option to repay their loan in full without incurring any ERCs, and without the pressure of an expiry date, because you can’t put a time limit on bereavement.

This allows your client the time and flexibility to make this decision if and when it is right for them.

Kay Westgarth, Director of Sales at Standard Life Home Finance comments: “I love that our ERC exemption feature never expires. It creates flexibility for customers and more importantly, it grants them time at a moment in their life when they need it most.”

3. Downsizing protection

With downsizing protection included as standard from day one, your clients have the flexibility to move home in the future, and if their new home doesn’t meet our lending criteria, they can repay their loan in full without incurring ERCs.

This helps your client to be in control of their financial future; knowing they can take advantage of their property’s value today and still downsize at any time in the future.

Don’t just take our word for it…