Standard Life Home Finance has launched a range of flexible lifetime mortgages with no early repayment charges if a customer moves to a property that does not meet the lender’s criteria.

The Horizon products were designed by Key Group, which has the rights to use the Standard Life Home Finance brand following an agreement in September.

Standard Life is funding the mortgages, but they will be offered via Key Group’s platforms. 

The products will be gradually rolled out to all equity release advisers.

Rates are from 3.28% to 4.03% annual percentage rate, or from 3.06% to 3.78% monthly equivalent rate.

Borrowers can release between £10,000 and £1.5m depending on the value of their home, with both lump sum and drawdown options available.

The products have a no-negative equity guarantee and inheritance protection is an option.

Standard Life managing director of retirement solutions Tom Ground says: “As we continue to drive forward our growth ambitions for the Standard Life business, we are delighted to be supporting and funding these new “Horizon” lifetime mortgage products branded Standard Life Home Finance, through our strategic partnership with Key Group.

“Now more than ever, people are finding their needs are changing and it’s important to us that we deliver this range of products which provide flexibility and value, and ensure people aren’t penalised financially if their circumstances change through no fault of their own.

“We are especially proud that the Horizon range has secured a 5* rating from Defaqto and are confident that with the Standard Life name, innovative approach to early repayment charges and competitive rates, advisers will find that these products meet a wide range of customer needs.”