The main change to Freestyle Lifetime, which was launched in 2003, is a reduction in minimum property value from £62,503 to £50,000. This reduction has impacted on all LTV tiers, making them more accessible and the 86 to 89+ age range has been added into the LTV tiers.
The Freestyle Lifetime mortgage, which is only distributed by Standard Life Bank via intermediaries, still has a competitive fixed rate of 6.90%. The overall cost for comparison is 7.20% APR, which remains unchanged since its launch.
Standard Life Bank pays intermediaries one per cent commission on initial and further advances, in addition to commission for Cash Reserve draw downs.
