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.