"I must thank our partners for their steadfast support in ensuring that as many customers as possible can benefit from this enhanced offering."
- Sanjay Gadhia, head of sales at Standard Life Home Finance
Standard Life Home Finance's Horizon Interest Reward product has launched on Iress’s The Exchange, completing its journey towards becoming a whole-of-market product.
Launched in January, the Horizon Interest Reward product offers a rate discount for customers who commit to making set monthly interest repayments for a specified term of their lifetime mortgage. Horizon Interest Reward is aimed at equity release customers who can commit to making regular payments instead of the traditional voluntary model.
Horizon Interest Reward initially launched on Air and Advise Wise. With this latest launch, it now has full distribution across all sourcing platforms.
Customers who can commit to agreed monthly payments will unlock a rate discount based on the percentage of the interest served and the length of the committed payment term. By servicing 25%, 50%, 75%, or 100% of the interest over a 5, 10 or 15 year term, clients can significantly reduce their cost of borrowing.
Horizon Interest Reward will continue to include a standard no negative equity guarantee, meaning that the applicant and their estate will never owe more than the property is worth after it is sold on the market.
Sanjay Gadhia, head of sales at Standard Life Home Finance, said: “The industry-wide roll-out of our Horizon Interest Reward product has been seamless. I must thank our partners for their steadfast support in ensuring that as many customers as possible can benefit from this enhanced offering. Our innovative products can ensure that older homeowners can manage their repayment plan whilst unlocking tangible financial benefits.”
Warren O’Connell, head of business development at Iress, added: “In an ever-changing market, it is vital that our industry can evolve in lockstep with the needs of our customers. As a sourcing platform, we are committed to ensuring our adviser community can access a diverse array of financial products, so their customers can receive the most tailored recommendations possible. Adding the Horizon Interest Reward product to our offering is another step in our long-term strategy to help advisers deliver a personalised, compliant, and market-leading service."
