Interest Select Options


Our Interest Select Options have been designed with your customers in mind, and can help to overcome concerns about the impact of interest roll-up. With the ability to pay either some, or all, of the interest, these products can be tailored to suit your customer’s individual needs.

Customers can:

  • Choose to pay between 50% and 100% of the interest.
  • Choose to pay interest for between 5 years and the total life of the loan.
  • Choose to stop the interest payments and convert the loan to interest roll-up.


  • 8 year fixed early repayment charges.
  • Downsizing protection.
  • Early repayment waiver.
  • Inheritance guarantee.
  • Cash reserve facility.
  • Free valuation, with no cap.

To find out more about our product features, you can read our Interest Select At a Glance guide.

  • Your customer can release between £10,000 and £750,000.
  • Loans up to £1 million will be considered on a case by case basis.
  • The interest rate applied to any additional borrowing may be higher or lower than the interest rate applied to the initial advance.
  • This is an interest-only lifetime mortgage:
  • Interest payments are made by direct debit.
  • Your customer can miss up to three non-sequential interest payments before being converted to interest roll-up.
  • The interest rate will increase by 0.20% MER (0.21% AER) if the loan is converted to interest roll-up early.
  • The payment term and amount are fixed from the outset and can’t be changed once the mortgage has been set up, they can only be stopped.
  • Once they payments have been stopped, they can’t be restarted.
  • Interest payments can be made on additional borrowing.

These options provide a number of features and benefits, but as with all equity release products, you and your customer will need to consider how the product will meet their needs and circumstances.

Benefits of a lifetime mortgage:

  • Your customer can remain in their home for the rest of their life.
  • The money your customer releases is tax free.
  • The ‘No Negative Equity Guarantee’ means that your customer will never owe more than the value of their property.

Potential risks of a lifetime mortgage:

  • Taking out a lifetime mortgage may affect your customer’s entitlement to state benefits and grants.
  • A lifetime mortgage may reduce the size of your customer’s estate.
  • A lifetime mortgage is a significant financial decision, not for short-term financial needs.
  • A lifetime mortgage may work out to be more expensive in the long-term than downsizing.


Click here to view our initial advance, cash reserve facility and further advance interest rates and LTVs.

Moneyfacts Equity Release 5 star award          

"We need to repay our interest only mortgage but mainstream mortgage lenders won't lend to us. We'd like to take out a lifetime mortgage and be able to continue making monthly payments to prevent the interest rolling up"

Read Peter and Janet's story

You can log-in to our straightforward and easy to use KFI generator and online application system to generate a quote or submit your customer’s application to us.

Log in to our KFI generator and online application system here.

Not registered with us? Find our registration forms in the Home Finance IFA Zone.

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This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.