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 mortgage 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 Voluntary Select Option is one product available in the Landlord Over 55 Buy-To-Let Option suite of products. It allows homeowners to pay upto 10% of the initial loan amount every year without facing any early repayment charge and helps landlords control their future mortgage balance.