Canada Life Prestige Options Flexi Drawdown Equity Release Plan

Compare Deals Drawdown Prestige Options Flexi

Prestige Options Flexi

Type Fixed
Rate 5.37%
APR 5.50%

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Incentives:

Free Valuation

Offers:

Inheritance Guarantee Option
Fixed Early Repayment Charges

Background

Canada Life entered the equity release industry following the acquisition of Retirement Advantage which completed in 2018. Prior to the take-over Retirement Advantage was formed by a re-branding of MGM Advantage in 2015, following the purchase of former equity release lender - Stonehaven Equity Release. Tracing its roots back to 1852, Retirement Advantage were a specialist in providing retirement products such as lifetime mortgages and retirement accounts.

Canada Life's range of lifetime mortgage uk plans offer a 'design-it-yourself' approach to equity release. Offering a suite of products such as lump sum, interest only lifetime mortgages and voluntary repayment schemes, they have also expanded into Buy-to-Let and Second Home equity release plans.
As additions to these plans, a qualifying homeowner can add-on extra's they require such as cashbacks or a drawdown facility which all influence the final deal they receive. Couple this with their 8 and 10- year fixed early repayment charge makes Canada Life a serious lender in the equity release marketplace.

The Canada Life Prestige Options Flexi Lifetime Mortgage is designed to offer a higher loan amounts starting from £250,000 to more expensive properties in the UK - upto £6 million in value. This is a drawdown scheme with 10-year fixed early repayment charges.

Eligibility

The featured Canada Life Prestige Plan comes without ability to make any repayments. This would therefore suit an applicant with little affordability in retirement and the acceptance that the interest charged will roll-up. The drawdown facility selected will also assist budgeting for the future, should there be any need for additional spending planned ahead.

The minimum property valuation acceptable to the Canada Life Prestige scheme is £500,000 with a maximum overall property value across the UK of upto £6 million. For property valuations greater than £6m, contact the Equity Release Supermarket team on Freephone 0800 802 1051 for a bespoke quotation.

The property to be offered as security should be the homeowners main residence and located within England, Scotland and Wales.

The Canada Life Prestige Options plan is available on both a single and joint life basis with a minimum age of youngest homeowner being 60, with a maximum age at application being 90. For joint equity release borrowers, the youngest applicant must be 90 or younger.

The minimum release at application stage is £250,000 with an overall maximum equity release amount of £2 million available on a nationwide basis & subject to underwriting. For loans greater than £2 million, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 802 1051 for your personalised Key Facts Illustration.

Features

The Canada Life Prestige Options Flexi plan is a drawdown lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use, with any remaining unused cash being retained in a cash reserve facility. This is ideal for those needing access to immediate cash, but with a further drawdown amount in the future. The minimum withdrawal amount from the cash reserve facility is just £2,000, with no further administration charges for any additional drawdown amounts taken.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Any subsequent withdrawals from the drawdown facility will be charged at the rate applicable at the time of release & fixed thereafter.

Canada Life are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt owing to the equity release company.

One of the strongest features of the Prestige Options Flexi Plan is the early repayment charges (ERC's). Canada Life only charge an early repayment charge for the first 10 years following inception, drawdown or additional borrowing on this equity release loan. Early repayment charges start at 10% for the first 5 years, then reduces to 5% for the next 5 years and then NO penalty thereafter.

Additional borrowing is available in the future, should the cash reserve be utilised in full, with a minimum additional borrowing amount of £4,000 and no completion fee charged by Canada Life.

Options

This Canada Life Prestige Flexi Mortgage enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments.

An option for inclusion is the Inheritance Protection feature, where the homeowner can secure a fixed percentage of the final sale value of the property. This is important for those who wish to guarantee a percentage of the house value from their inheritance.

Being a core lump sum product, there is also the option of adding the cash drawdown facility, which has the effect of adding 0.2% to the standard equity release interest rate. (the interest rate shown already includes this 0.2% supplement)

To obtain further information or to request a quotation on the Canada Life Prestige Options Flexi Drawdown plan, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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