Standard Life Home Finance will pull out of the lifetime mortgage market, leaving rival more2life to integrate its Horizon equity release range into its own business.  

More2life says Horizon loans from 7 July will sit as a separate product offering within its proposition. 

The Horizon lifetime mortgage range covers Horizon plans — fee-free and fee-paid — and Horizon Interest Reward, with a 15-year repayment period, for borrowers who commit to set monthly interest payments. 

More2life says the decision allows the group to move to “a one-brand structure while retaining the breadth of product offering”. 

Standard Life Home Finance says it will no longer offer new lifetime mortgages from 6 July, however, all of its existing customer loans will continue to be managed and serviced by the business.

Total annual lifetime lending fell 11.6% to £2.3bn in 2024, from £2.6bn the previous year, according to Equity Release Council data. 

More2life chief executive Dave Harris says: “This is a significant milestone for more2life with an integration that not only strengthens our market-leading position, but also reaffirms our long-term commitment to the later life lending sector. 

“At a time when operational efficiency and clarity are paramount, we think bringing the Horizon range under more2life will enhance both the adviser experience and market visibility.  

“This move means we have a simplified, stronger proposition, whereby advisers can continue to access the fantastic Horizon products with no disruption, and clients will see no change to the excellent service they are accustomed to. 

“We will continue to invest heavily in further product innovation, adviser tools, and service excellence, and to support the market in terms of delivering the solutions required for the growing range of homeowners who want and need access to the equity in their homes.”