Capital Select Options

Our Capital Select Options are lifetime mortgages that give you flexibility and certainty by allowing you to make voluntary contributions without incurring an early repayment charge. By taking out a Capital Select lifetime mortgage you have the flexibility to decide whether you want to make payments, how much you’d like to pay, and how often. This means that you are able to stay in control of your finances.


You can:

  • Make a voluntary contribution of up to 10% of the initial loan amount every year, with no penalties.
  • Make an unlimited number of voluntary payments each year, with a minimum contribution amount of £50.
  • Start making voluntary payments as soon as your loan has completed.
  • Make your contributions by debit card, cheque, BACs transfer or standing order.
  • These lifetime mortgages have early repayment charges that are fixed for the first 8 years, with no repayment charge after the 9th year.
  • If you want to protect some of the equity in your property, you can choose to take advantage of our inheritance guarantee, free of charge.
  • If you think you might want to borrow more money in the future, you can add a cash reserve facility to your lifetime mortgage at the outset for an additional 0.20% MER (0.21% AER). This means you’ll be able to withdraw more funds at a later date, without having to take further financial advice.
  • This product has our Downsizing Protection, which means that if, after 5 years, you decide to downsize, you won’t need to pay an early repayment charge.
  • This product also benefits from our Early Repayment Waiver. In the case of joint borrowers, you won’t need to pay an early repayment charge if you decide to repay the lifetime mortgage within 3 years of the date that the first borrower dies or goes into long term care.
  • Free valuation, with no cap.
  • Fixed interest rate for life.

Your financial adviser will be able to talk you through our product features in more detail.

  • You can release between £10,000 and £1 million from your property.
  • Your annual voluntary repayment allowance will be renewed on the anniversary of the completion date.
  • You don’t have to make voluntary payments, and there are no penalties if you choose not to make payments.
  • Voluntary contributions can also be made on additional borrowing.

Lifetime mortgages provide you with a number of features and benefits, but you and your adviser will need to consider how these products will meet your needs and circumstances.

The benefits of a lifetime mortgage include:

  • You still own your home, and you can stay in your home for the rest of your life.
  • The money you release is tax free.
  • You’ll never owe more than the value of your property, because our products come with the ‘No Negative Equity Guarantee’

The potential risks of a lifetime mortgage include:

  • Your entitlement to state benefits and grants might be affected by taking out a lifetime mortgage.
  • Taking out a lifetime mortgage could reduce the size of your estate.
  • Taking out a lifetime mortgage is a significant financial decision, it’s not for short-term financial needs.
  • A lifetime mortgage could work out to be more expensive than selling your property in the long run.

Speak to your financial adviser, who will be able to tell you whether a lifetime mortgage meets your financial needs.

You can view our initial advance, cash reserve facility and further advance interest rates and LTVs by clicking here.

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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 and regulated by the Financial Conduct Authority.