Standard Life Home Finance has updated the criteria for its Horizon lifetime mortgage range.
The changes will come into effect immediately and Standard Life Home Finance said this would broaden the types of properties that qualify for the product.
The Horizon range offers lump sum and drawdown options available at a range of loan-to-value (LTV) tiers, including high property values.
It includes fixed early repayment charges for eight years with loans from £15,000 to £1.5m.
On lump sum plans, borrowers can access a discount on the interest rate for the duration of the lifetime mortgage if they commit to setting monthly interest payments for a specified period.
As part of the updated criteria, the lender will consider remortgages within six months of the last purchase data, subject to a suitability assessment.
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Roofs that have been treated internally or externally with spray foam will be accepted as long as it is removed before completion. Other requirements are provided on referral.
The lender has amended what it will consider as maintenance under the estate charge and private drainage.
Further, the lender will consider cases where there is a commercial property nearby, based on the locality and nature of the commercial unit and its impact on the property.
Sanjay Gadhia, head of sales at Standard Life Home Finance, said: “We are passionate about bringing the benefits of the Horizon range to as many later life customers as possible, and these enhancements will allow us to do just that. The new criteria [open] up our lifetime mortgages to cater for a broader range of properties, ensuring Standard Life Home Finance can deliver its tailored solutions to a greater number of homeowners.
“These criteria enhancements have been introduced following close discussions with our adviser partners, and address a clear need among their clients. We will continue to review our criteria to ensure Horizon remains the go-to solution for later life advisers and their clients.”
