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Standard Life Home Finance broadens distribution of discount deal

  • 18/06/2024
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Standard Life Home Finance broadens distribution of discount deal
The Standard Life Home Finance Horizon Interest Reward product is now available across the whole market following its launch on the Iress platform.

The product was added to Iress’ The Exchange multi-quote and application platform, following launches on the Air and Advise Wise platforms earlier this year. 

The later life finance product offers a discounted rate to borrowers who commit to a payment plan instead of the usual voluntary payment model.

Discounts are based on the percentage of the interest served and the length of the committed payment term. 

Borrowers can choose to service 25%, 50%, 75% or 100% of the interest over a five-, 10- or 15-year term. 

The range includes a no-negative-equity guarantee that ensures the applicant and their estate will never owe more than the property’s sold market value. 

Sanjay Gadhia, head of sales at Standard Life Home Finance, said: “The industry-wide roll-out of our Horizon Interest Reward product has been seamless. I must thank our partners for their steadfast support in ensuring that as many customers as possible can benefit from this enhanced offering.

“Our innovative products can ensure that older homeowners can manage their repayment plan whilst unlocking tangible financial benefits.” 

Warren O’Connell, head of business development, sourcing at Iress, added: “In an ever-changing market, it is vital that our industry can evolve in lockstep with the needs of our customers. As a sourcing platform, we are committed to ensuring our adviser community can access a diverse array of financial products, so their customers can receive the most tailored recommendations possible.

“Adding the Horizon Interest Reward product to our offering is another step in our long-term strategy to help advisers deliver a personalised, compliant, and market-leading service.” 

Speaking to Mortgage Solutions earlier this year, Standard Life Home Finance revealed that the Horizon Interest Reward product accounted for a fifth of its business since launching. The product was launched as a hybrid option to people who want a product that sits between a traditional mortgage and equity release.

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