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Compare Deals Lump Sum Lifestyle Lite

Canada Life Lifestyle Lite Rates & Details

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Compare Deals Lump Sum Lifestyle Lite

Lifestyle Lite

  • Type Fixed
  • Rate 4.02%
  • APR 4.20%
Incentives:
  • Free Valuation
Offers:
  • Inheritance Protection
  • 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 market.
As additional options 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 and interest rate they receive. Couple this with their 8-year fixed early repayment charge makes Canada Life a serious lender in the equity release marketplace.

The Canada Life 'Lifestyle' range provides a suite of simple lump sum equity release schemes offering three tiers of plans based on their loan-to-value ratio’s - Lite, Gold and Platinum. This entry point Lifestyle Lite plan offers the lower capital amount of the three in terms of maximum lump sum availability, but consequentially has an attractively lower interest rate for the homeowner. Therefore, gauging the release amount against the interest rate is key.

Eligibility

Canada Life Lifestyle Options offers a core product range - the Lifestyle Lite with the lowest rate & loan-to-value; the Lifestyle Gold which is the mid-range plan & lastly the Lifestyle Platinum which has the higher interest rate, but will release a higher maximum loan amount.

The featured Lifestyle Lite Plan comes without the 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 minimum property valuation acceptable to the Canada Life Lifestyle Lite scheme is £70,000 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 678 5955 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 Lifestyle Lite plan is available on both a single and joint life basis with a minimum age of youngest homeowner being 55, 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 just £10,000 with an overall maximum equity release amount of £1 million available on a nationwide basis & subject to underwriting. For loans greater than £1 million, bespoke quotes are available via Equity Release Supermarket. Please call Freephone 0800 678 5955 for your personalised Key Facts Illustration.

Features

The Canada Life Lifestyle Lite plan is a one-off lump sum lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use. This is ideal for those just requiring a single sum of money, without the need for any additional funds in the future.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on the capital amount taken.

Canada Life are members of the Equity Release Council, therefore all their plans come with a no-negative equity guarantee. The significance of this means that 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 Lifestyle Options range of plans are the early repayment charges (ERC's). Canada Life only charge an early repayment charge for the first 8 years following inception, or additional borrowing on this equity release loan. Early repayment charges start at 5% for the first 5 years, then reduces to 3% for the next 3 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 Lifestyle Lite 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 Lifestyle Lite Lump Sum plan, please contact the Equity Release Supermarket team on Freephone 0800 678 5955 today.

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