The ‘Horizon’ range includes drawdown and lump sum options with rates from 3.28% to 4.03% APR and MER 3.06% to 3.78%.

Loan amounts are typically between £10,000 and £1.5m, but higher value cases will be considered and no-negative equity guarantee and inheritance protection is available.

From day one, customers will not be liable to pay an early repayment charge (ERC) if they move to a property that does not meet the underwriting criteria or if one of the borrowers dies or goes into long-term care.

Tom Ground, managing director of Retirement Solutions at Standard Life, part of Phoenix Group, said: “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.”