The products, Horizon 780 and Horizon 800, offer maximum LTVs of 55 per cent and 56 per cent respectively.

Available to homeowners between the ages of 55 and 84, the Horizon range has been designed to be flexible and cater to a range of client needs, including drawdown and lump sum options.

All Horizon range products are applicable on loan sizes from £10,000 to £1.5m for properties valued between £99,000 to £5.1m.

The options both come with partial capital repayments, fixed early repayment charges (ERC) for eight years, unrestricted ERC exemption on death or admission to long-term care of first borrower, policy repayment with no ERC charge if the client moves to a property unsuitable for equity release.

Inheritance protection is automatically included where less than 50 per cent of the maximum LTV is taken too.

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Kay Westgarth, head of sales at Standard Life Home Finance, said: “Having launched in October 2021, these are the first new additions to our product portfolio which will help us serve a wider range of customers who need higher LTVs.

“While we’ve had a great start to the year, we are constantly looking to improve our serving, from the products we offer to how we underwrite them.

“This launch is a great step forward and clearly underlines our strategy to provide customers with a life of possibilities by focusing on innovative support for the advisers that we work with.”

Tom Ground, managing director for retirement solutions at Standard Life, added: “As the funder of these products we believe that the equity release market will continue to grow as people increasingly consider housing wealth as part of their overall retirement planning, whether that’s to supplement their regular income or as means to fund big ticket items or gifts.”