Standard Life Home Finance is pleased to announce the extension of the availability of its Horizon Interest Reward product through its inclusion in Iress’ The Exchange multi-quote and application platform. This expansion follows the successful launch of the product on the Air and Advise Wise platforms earlier this year.
The Horizon Interest Reward product is specifically designed to offer borrowers a discounted interest rate when they commit to a specified payment plan rather than the typical voluntary repayment model. The discount amount is determined by both the percentage of interest that is serviced and the duration of the committed payment term.
Borrowers have the flexibility to choose to service 25%, 50%, 75%, or 100% of the interest over a period of five, 10, or 15 years. Furthermore, the product includes a no-negative-equity guarantee, ensuring that the applicant and their estate will never owe more than the property’s sold market value.
Sanjay Gadhia, head of sales at Standard Life Home Finance, expressed gratitude to their partners for their steadfast support in expanding the accessibility of the Horizon Interest Reward product. He emphasized the benefits of these innovative products in aiding older homeowners with their repayment plans while also unlocking tangible financial advantages.
Warren O’Connell, head of business development, sourcing at Iress, emphasized the industry’s need to evolve in accordance with the changing needs of customers. He highlighted the platform’s commitment to providing advisers with access to a diverse range of financial products to ensure that their clients receive personalized recommendations.
Standard Life Home Finance previously reported that the Horizon Interest Reward product has accounted for a significant portion of its business since its launch earlier this year, offering a hybrid option for individuals seeking a product that falls between a traditional mortgage and equity release.
The expansion of the Horizon Interest Reward product to the Iress platform represents a strategic step in the company’s effort to make this offering readily available to as many customers as possible, aligning with the company’s commitment to providing customers with tailored and innovative financial solutions.
This development underscores the company’s dedication to meeting the evolving needs of older homeowners while also addressing the industry’s ever-changing landscape. As the Horizon Interest Reward product gains more widespread availability, it is expected to create a positive impact in empowering borrowers and providing a more personalised service for advisers.