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Freestyle® Lifetime Mortgage from Standard Life Bank

The Freestyle Lifetime Mortgage from Standard Life Bank is designed for clients who still want to stay in their home but would like to release some of its value to help enhance their lifestyle or provide for their retirement. The mortgage is a secured loan, providing a tax-free lump sum with nothing to pay until it is redeemed. Here is a quick summary of our Freestyle Lifetime Mortgage:

• loans from £25,001 to £250,000
• fixed rate of interest for the lifetime of the mortgage
• 'no negative equity' guarantee
• potential Cash Reserve facility for first five years which may allow your client access to additional funds at no extra cost (subject to a minimum withdrawal of £5,000 each time). Cash Reserve applications will be accepted via financial advisers only. The interest rate for further borrowing is set at the time of withdrawal. Drawdowns on your client's Cash Reserve will increase the amount secured on their property.
• option to apply for further advances by reassessing after five years
• portable to other approved properties on sale of existing property. If your client moves to a lower value property, they may be required to repay part of their loan. No early repayment charges will apply in this scenario
• fully compliant with SHIP (Safe Home Income Plans) guidelines
• minimum age of youngest applicant is 60
• interest is compounded and applied annually, not monthly
• Early repayment charges apply for the first 10 years
• An arrangement fee and valuation fee will apply
• Favourable tax treatment of lump sum payments may change in the future.

Visit the Lifetime rates page to view the current rates for our Freestyle Lifetime Mortgage.



Commission

You will earn a percentage of the initial amount borrowed, plus any subsequent drawdowns as a result of further borrowing after the first five years.

For an information pack, please call 0845 609 0254 or for further information on our Freestyle Lifetime Mortgage, contact your local account manager.

Call charges may vary.

Main Documents Frequently Asked Questions |

Supporting Documents Consumer Guide (PDF, 124kb) Code: SLBLTCON Key Features and Benefits (PDF, 32kb) Code: SLBLTFB Lending Terms (PDF, 39kb) Code: SLBFFLT Loan to Value and Further Borrowing (PDF, 35kb) Code: SLBLTLTV Case Study Code: SLBLTCS Size: 72kb

The information on this site is for qualified advisers only and must not be relied on by anyone else. If you are not an adviser you should go to our main website for information about our products and services.

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