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. This multi-national life office has introduced a line of products to be used by landlords.
The suite of landlord lifetime mortgages offered is the first of its kind to hit the market since the New Life Buy-To-Let equity release plans introduced many years ago. These allowed landlords to use equity release products on homes that are rented out on a Assured Shorthold Tenancy Agreement. In this unique Buy-to-Let equity release plan, homeowners can capitalize on the benefits of equity release schemes, even if they are not living in the home.
The Landlord Over 55 Buy-To-Let Options provide homeowners with a one-time lump sum payment. With this featured plan - Buy-to-Let Lifestyle Option, no payments are required, and interest accrues as it would with a traditional roll-up lifetime mortgage. The interest is added to the loan each month over the lifetime of the loan and only needs to be repaid upon death of the homeowner.