Standard Life Home Finance has joined the Equity Release Council following the recent launch of its range of lifetime mortgage products.
These new products, underpinned by Council standards, will provide consumers with access to more options backed by consumer protections.
The Standard Life Home Finance products can now display the Council’s endorsement mark bearing the words “proud to be a member of the Equity Release Council”.
Membership of the Council has also continued to grow throughout 2021 by attracting new entrants to the market such as Standard Life Home Finance. Growth has been seen among both individual members and member firms, which have grown 46% and 60% respectively in the last two years.
Jim Boyd (pictured), Equity Release Council CEO, said: “The Standard Life Home Finance commitment to build its products around the Council’s consumer protections is a clear sign of confidence in the market and the bedrock of Standards that underpin it. The fact that lifetime mortgages will sit alongside Standard Life’s pensions, investments and retirement products shows equity release is now a core consideration in later life financial planning.
“The equity release market has seen a sustained increase in competition and innovation over the last ten years. It is important we build on this platform to meet the expected rise in demand, as lifetime mortgages gain further recognition as a practical, common-sense and aspirational choice in the right circumstances.”
Scott Robertson, Standard Life Home Finance board member, added: “We are delighted that Standard Life Home Finance has become a member of the Equity Release Council. The innovative range of customer centric equity release products will provide more options to help people plan for their future, and the Council’s endorsement mark will be an added surety for customers.
”We look forward to working closely with the team at the Equity Release Council as it leads the way in ensuring the very highest standards across the industry, and we are focused on playing our part in the ongoing development of this relationship.”