Redeeming your mortgage

Our mortgages can be repaid at any time. However, our plans are designed to last for the rest of your life, so an early repayment charge may be payable if the loan is repaid early.

When your outstanding loan balance is repaid, we call it a redemption. There are two types of redemption at Canada Life.

The first is a voluntary redemption, which is when you choose to close your account because you have the money available and no longer want to have the mortgage. You can choose to do this at any time, but you may be subject to early repayment charges.

The second is a redemption which is required when the borrower, or the last surviving borrower in the case of joint borrowers, dies or moves into long term care.

Before the mortgage can be redeemed, you or your estate will need to know how much is outstanding. Please contact our Customer Services Team, who will be able to give you an indicative figure. They will also be able to let you know if any early repayment charges will be incurred.

If you would like to continue with the redemption of your mortgage, please contact our Customer Services Team. In doing so, we will be able to issue you a Redemption Statement. This will provide details of the total outstanding balance, alongside any early repayment charges and associated fees. The Redemption Statement also confirms how you can make the payment to redeem your mortgage.

If the last surviving borrower has died or moved into long term care, please contact our Customer Services Team. Our team will talk you through the next steps, and also let you know what information we need from you or from the estate. We offer the estate up to 12 months to clear the outstanding loan balance, and will work with you to make it as simple as possible. Usually the mortgage is repaid through the funds raised when the property is sold, but if you would prefer to keep the property you can choose to repay the mortgage through other means. When the mortgage is redeemed in this way, early repayment charges are not applied.

Once the payment has been received, we will confirm in writing that your mortgage has been redeemed. We will also instruct the Land Registry to remove our charge from the property.

  • If your property is in Scotland or the Scottish isles, you will need to appoint a Solicitor to represent you in the redemption process. Your solicitors will need to offer Conveyancing Residential as an area of law and be a member of the Law Society.
  • The Redemption Quote is only valid for 28 days, and should only be requested when it is known that you can redeem the mortgage. If a redemption is not made within 28 days, a new Quote will need to be requested.

Our Customer Services Team will be able to answer any additional questions you may have about redeeming your mortgage.

You can contact us in the following ways:

  • Call: 0800 068 0212
  • Email: hf-customers@canadalife.co.uk
  • Post: Customers Services Team, Canada Life, 110 Cannon Street, London, EC4N 6EU

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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 by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.