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Standard Life Home Finance joins the Equity Release Council

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  • 06/01/2022
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Standard Life Home Finance joins the Equity Release Council
Standard Life Home Finance has joined the Equity Release Council (ERC) just months after it launched into the lifetime mortgage market.

 

The company partnered with Key in September to introduce its lifetime mortgage products, which will now be endorsed by the ERC. 

The council said membership grew over the last year as entrants joined the market. Individual members and member firms also respectively increased by 46 per cent and 60 per cent in the last two years. 

Additionally, product options have widened and the number of mortgages available stands 796, compared to 202 at the start of 2019. Average interest rates have fallen by two percentage points in five years according to Moneyfacts data released in October, from 6.2 per cent to 4.23 per cent.

Jim Boyd, Equity Release Council’s chief executive, said: “The Standard Life Home Finance commitment to build its products around the Council’s consumer protections is a clear sign of confidence in the market and the bedrock of Standards that underpin it. The fact that lifetime mortgages will sit alongside Standard Life’s pensions, investments and retirement products shows equity release is now a core consideration in later life financial planning.  

“The equity release market has seen a sustained increase in competition and innovation over the last ten years. It is important we build on this platform to meet the expected rise in demand, as lifetime mortgages gain further recognition as a practical, common sense and aspirational choice in the right circumstances.”  

Scott Robertson, Standard Life Home Finance board member, added: “We are delighted that Standard Life Home Finance has become a member of the Equity Release Council. 

“We look forward to working closely with the team at the Equity Release Council as it leads the way in ensuring the very highest standards across the industry, and we are focused on playing our part in the ongoing development of this relationship.” 

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