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.