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Compare Deals Lump Sum Prestige Options

Canada Life Prestige Options Rates & Details

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Compare Deals Lump Sum Prestige Options

Prestige Options

  • Type Fixed
  • Rate 5.17%
  • APR 5.30%
Incentives:
  • Free Valuation
Offers:
  • Fixed Early Repayment Charges
  • Minimum Loan £250,000
  • Inheritance Guarantee Option

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 features they require such as cashbacks or 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 Lifetime Mortgage is designed to offer a higher loan amounts starting from £250,000 upto £2 million on more expensive properties in the UK valued upto £6 million. This is a lump sum 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 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 your 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 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 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 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 or with 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 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 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 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 Lump Sum equity release plan, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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