Lifestyle Options

Whether you want to improve your retirement lifestyle, make home improvements or pay off an existing mortgage, our Lifestyle Options provide you with a tax-free, one-off cash payment that is yours to do whatever you like with. 

You don’t need to make any payments. Instead, the interest rolls up and is added to the mortgage balance each month.

  • 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.
  • 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. This means you’ll be able to withdraw more funds, without having to take further financial advice.
  • 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.

  • The amount of cash you can release depends on your age and property value.
  • You can borrow between £10,000 and £1 million.
  • The interest rate applied to any additional borrowing may be higher or lower than the interest rate applied to the initial advance.

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.

"I want to really enjoy my retirement, and because I don't have my own pension pot, I want to use my property to supplement my state pension"

Read Sarah's story.

Interested in more? Why not look at...

Lifetime Mortgages

Unlock the cash stored in your property

Lifetime Mortgages

Buy-to-Let Mortgages

These options allow you to release wealth from your property tax-free, leaving your portfolio intact

Buy-to-Let Mortgages

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.