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Canada Life Buy-to-Let Voluntary Select Details

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Second Home Voluntary Select

  • Type Fixed
  • Rate 5.82%
  • APR 6.10%
  • FREE Unlimited Valuation
  • 2nd Home Equity Release
  • 10%pa Voluntary Repayment Allowance
  • 8-Year Fixed Early Repayment Charges
  • Plans Start Age 55


Retirement Advantage, once known as Stonehaven Equity Release, has a reputation for providing innovative retirement products that can be easily customized to fit a homeowner’s individual needs. That trend continues with the introduction of their Second Home Options, a series of 3 products that allow homeowners to secure a lifetime mortgage on their second home. With these products, homeowners are able to choose whether they pay the interest, the interest and capital, or let the interest roll-up.


The properties used within this lifetime mortgage range must be second homes and not the primary residence of the homeowner. In order to qualify as a second home, the property must be available for the sole occupancy of the owner and if let-out, it must not be let-out for more than 4 weeks at a time. It also must be used by the homeowner for at least 4 weeks each year.

The property used to secure the lifetime mortgage must be valued between £70,000 and an upper limit of £6 million, with some exceptions available for homes that exceed £6 million. Please call 0800 802 1051 for your personalised Second Home Equity Release Key Facts Illustration.

The property must also be located in Scotland, Wales or England and there cannot be any formal agreements or Assured Shorthold Tenancy’s in place on the property. Additionally, it cannot be publicly advertised anywhere such as online or through an agency.

The minimum applicant age for these products is 55 and the maximum age is 90. If borrowing jointly, the youngest borrower must be 90 years old or younger.


With all three of the products in this Second Home series, the available loan amounts range from a minimum of £10,000, upto a maximum equity release of £750,000.

The Voluntary Select option is one product available in this line of three second home lifetime mortgages. It offers homeowners the ability to pay up to 10% of the initial loan amount each year without incurring any early repayment charges. The minimum payment amount allowed is £50 and the maximum is the maximum 10% allowance.

Homeowners can make their first payment as early as the day following loan completion and they can make unlimited payments each year. Payments are accepted in a variety of ways including by bank transfer, cheque, standing order, or debit card over the phone. Homeowners do not incur any penalty if they do not reach the annual payment allowance of 10%.

The Retirement Advantage loan-to-value range with the Second Home Voluntary Select starts at 19% at age 55 and goes up to 44% for ages 80-90.

The Voluntary Select option is most suitable for any homeowner who wants some level of freedom in deciding if they want to pay off any of their lifetime mortgage balance. It is a good option for any homeowner concerned with interest roll-up as the Voluntary Select gives the homeowner a level of control over their lifetime mortgage balance. All three products in the line are ideal for those homeowners who own a second home but also want to take advantage of the benefits of a lifetime mortgage.


Additional borrowing is available with the Second Home Options. The minimum amount that can be borrowed is £4,000 and the maximum is the maximum amount available within the product range. Homeowners may not switch to a new product when borrowing additional funds and they must stay within their original LTV range.

To obtain further information, or to request a quotation on the Retirement Advantage Second Home Voluntary Select Lifetime Mortgage, please contact the Equity Release Supermarket team on 0800 802 1051 today.

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