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Compare Deals Lump Sum Lifestyle Platinum 3% Cashback

Canada Life Lifestyle Platinum 3% Cashback Rates & Details

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Compare Deals Lump Sum Lifestyle Platinum 3% Cashback

Lifestyle Platinum 3% Cashback

  • Type Fixed
  • Rate 6.67%
  • APR 6.90%
Incentives:
  • Cashback
  • Free Valuation
Offers:
  • Inheritance Guarantee Option
  • Fixed Early Repayment Charges
  • Unlimited Cashback of 3%

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-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. The Canada Life Platinum Cashback plan offers the maximum equity release capital amount of the Lifestyle range in terms of maximum lump sum availability, and by using the 3% cashback feature to enhance the maximum loan-to-value figures. Therefore, gauging the size of the release amount against the interest rate is key to deciding the suitability of the Canada Life Lifestyle schemes.

Eligibility

The featured Canada Life - Lifestyle Platinum Cashback Plan comes without the ability to make any repayments, nor the option to have a drawdown facility. This would therefore suit an applicant with no affordability in retirement and the acceptance that the interest charged will roll-up over time.

The minimum property valuation acceptable to the Retirement Advantage Lifestyle Lite Lifetime Mortgage 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 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.

Canada Life's Lifestyle Platinum Cashback 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 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 quotations maybe available via Equity Release Supermarket. Please call the team on Freephone 0800 802 1051 for your personalised Key Facts Illustration.

Features

The Canada Life Lifestyle Platinum Cashback plan is a simple single lump sum lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use. This is ideal for those needing access to immediate cash and without any further amounts in the future.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum.

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 Lifestyle Options range of plans are the early repayment charges (ERC's). Canada Life only charge an ERC for the first 8 years following inception, drawdown 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 Platinum 3% Cashback 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.

The cashback option is designed to enhance the Lifestyle Platinum plan even further in helping it to attain the highest release amount in the marketplace. The 3% cashback amount is unlimited in nature and therefore should enhance the maximum loan amount to provide Canada Life with one the largest lump sum equity releases in the market.

To obtain further information or to request a quotation on the Canada Life Lifestyle Platinum Lump Sum Lifetime mortgage, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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