Standard Life, part of Phoenix Group, has entered into a strategic agreement with Key Group, to launch a range of lifetime mortgage products branded as Standard Life Home Finance.
This agreement aligns to the launch of Defaqto 5-Star rated products by Key Group, and will include both lump sum and drawdown.
Branded Standard Life Home Finance, the products will be provided by Key Group and will use its platforms.
The Standard Life Home Finance branded products aim to provide customers with more choice and flexibility to meet their changing financial needs in later life.
The range will gradually roll out to advisers from October, when full product details will become available, with the aim of them being available to all advisers by the end of this year.
Tom Ground, managing director, retirement solutions at Standard Life, said: “We’re extremely pleased to be partnering with the specialists at Key Group who will launch a new range of Standard Life Home Finance branded equity release products to advisers.
“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.
“A growing number of people are retiring with mortgage debt and find themselves using their pension savings to pay off their mortgages.
“Lifetime mortgages provide them with more options and may help avoid worries about drawing out their pension savings too quickly.
“Standard Life has a rich heritage of helping people plan for their future, it is something we care deeply about, and it is important that people have flexibility and choice when it comes to their finances.
“We are delighted to be both branding and funding these Defaqto 5 Star rated products.
“We expect the equity release market to grow as more people understand how, with the help of advisers; they can unlock the value tied up in their homes in a way that works for them.”
Simon Thompson, group chief executive officer at Key Group, added: “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.
“At Key Group, we are committed to growing the market and helping the increasing numbers of people who are turning to housing equity to support their retirement needs as well as their desire to help their families.”