Making an interest payment

Our Interest Select Options allow you to make monthly payments. The amount and frequency of the interest payments is explained in further detail in your Offer Letter, and will have been agreed with your financial adviser at the outset.

Our Interest Select Options allow you to make monthly payments. When your adviser recommended the lifetime mortgage, you will have chosen a monthly payment amount and a payment term. If you have taken any additional borrowing, you will have confirmed whether you wanted to make payments on this borrowing too.

When the lifetime mortgage completed, we will have set up a direct debit to collect your interest payments every month. If you have taken additional borrowing, a new direct debit will have been set up. We will collect the payments from your account on the 1st working day of the month.

If we cannot take the money from your account on the 1st working day of the month, we will try again 7 days later. We will notify you in writing if one of our payment collections is unsuccessful. If you have three outstanding payments, we’ll write to you to let you know that we will be stopping your ongoing interest payments and converting your lifetime mortgage to interest roll-up. You can find out more information regarding this in Section 7 of your Offer Letter, or by speaking to your financial adviser. Once your lifetime mortgage has been converted to an interest roll-up lifetime mortgage, you cannot restart the payments.

Yes, if you have missed one or more interest payments but have not yet been converted to an interest roll-up lifetime mortgage, you can contact our Customer Services Team to make a one-off payment by debit card.

Once your payment amount and term have been decided at the outset of the mortgage, they cannot be reduced or increased. You can choose to stop making your interest payments, but you cannot restart them at a later date.

If you would like to update the bank account which your payments are collected from, you will need to contact our Customer Services Team and request a new Direct Debit Mandate. The new nominated account must allow direct debit payments to be collected, and must be in the name of one, or both, mortgage account holders. We will let you know when we need to receive the new details by, to ensure we can update our systems before the next payment is due.

Our Customer Services Team will be able to answer any additional questions you may have about making payments. You can contact us in the following ways:

  • Call: 0800 068 0212
  • Email: hf-customers@canadalife.co.uk
  • Post: Customer 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.