Standard Life and Key Group have partnered to issue a range of lifetime mortgage products under the brand Standard Life Home Finance.

Key Group will provide the products and go through its platform and come as both lump sum and drawdown options.

The new mortgages will roll out “gradually” from October. The partnership says the range will be available to all advisers by the end of 2021.

Further details will be released in October, the firms add.

Standard Life is part of Phoenix Group, which acquired an equity release portfolio from Just Retirement to the tune of £300m at the start of this month.

Standard Life managing director of retirement solutions Tom Ground comments: “The money people have invested in their property should not be overlooked when it comes to financial planning, and alongside pensions savings, this new lifetime mortgage range will be a key part of people’s financial toolkit later in life.

And Key group chief executive officer Simon Thompson says: “We are delighted to be using our more than 21-years of experience in this market to expand our partnership with Phoenix Group to offer the Standard Life Home Finance range of new products through our more2life platforms.”