Standard Life Home Finance has added a new plan to its Horizon lifetime mortgage range at up to 52% loan-to-value.  

The equity release lender says its Horizon 650 product is available to homeowners between 55 and 84  — and is aimed at “those who need to maximise their borrowing”.  

Its features include:  

• Partial capital repayments from day one  
• Fixed early repayment charges for eight years  
• Unrestricted early repayment charges exemption on death/admission to long-term care of first borrower  
• Downsizing protection available from the day the loan completes  

The launch brings the number of products in its total lifetime mortgage range to 11.  

Standard Life Home Finance sales director Kay Westgarth says the plan was “introduced to provide greater flexibility” for borrowers who want to raise funds.  

Westgarth adds: “The launch further strengthens our position in the equity release market, as we continue to look for new ways to allow our customers to live life how they see fit, whether that be before or in retirement.”