Standard Life Home Finance has confirmed it has joined the Equity Release Council.

The move follows Standard Life’s recent launch of a range of lifetime mortgage products, and these new products can now display the Council’s endorsement mark bearing the words “proud to be a member of the Equity Release Council”.

Equity release product options have more than quadrupled since the start of 2019, from 202 to 796 today, while interest rates have fallen by almost two percentage points in the last five years, from an average of 6.20% in 2016 to 4.23% now. 

Membership of the Equity Release Council also continued to grow throughout 202, with significant growth seen among both individual members and member firms, which have grown 46% and 60% respectively in the last two years.

Equity Release Council CEO, Jim Boyd, commented: “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 equity release market has seen a sustained increase in competition and innovation over the last 10 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.”

Standard Life Home Finance Board Member, Scott Robertson, added: “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.”

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