Canada Life Equity Release
Canada Life acquired Retirement Advantage in January 2018 and rebranded. Canada Life are a leading provider of retirement, investment and protection needs of individuals, families and companies and has been operating in the UK since 1903. Previously, Retirement Advantage was formed by MGM Advantage re-branding in 2015, following the purchase of former equity release lender – Stonehaven Equity Release. Tracing its roots back to 1852, Retirement Advantage grew to become a specialist in providing retirement products such as lifetime mortgages.
Canada Life’s lifetime mortgage 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, any qualifying homeowner can add-on extra’s they require such as cashbacks or a drawdown facility.
Alongside their 8-year fixed early repayment charge, Canada Life are a serious lender in the equity release arena. They have expanded their range of later life mortgages to now include second homes, holiday homes and buy to let properties to broaden their appeal to landlords and homeowners with other UK properties.
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Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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