Second Home Options

Unlike traditional lifetime mortgages where the loan is secured on your main residence, our Second Home Options are secured on your Second Home. These Options provide you with a one-off cash lump sum, which is tax free.

The money you release is yours to do what you like with, and our product range allows you to choose whether you want to make any payments.



  • These lifetime mortgages have early repayment charges that are fixed for the first 8 years, with no repayment charges from the 9th year.
  • You have the option to make voluntary payments on our Over 55 Second Home Voluntary Select Option.
  • Free valuation, with no cap.
  • Fixed interest rate for life.
  • Our product range has two Options, which allow you to either let the interest roll up, or make voluntary payments:
    • Second Home Lifestyle
    • Second Home Voluntary Select
  • You can release between £10,000 and £750,000 against the value of your Second Home.
  • The interest rate applied to any additional borrowing may be higher or lower than the interest rate applied to the initial advance.
  • We define a Second Home as a property that:
    • Has to be available for the sole occupancy of the owner.
    • That is only let out for a maximum of 4 weeks at a time, if it’s let out.
    • That must be used by you, the homeowner, for at least 4 weeks of every year.
  • Second Home Lifestyle:
    • This is an interest roll-up lifetime mortgage.
    • No interest payments are due, instead it is added to the outstanding loan balance.
  • Second Home Voluntary Select:
  • This is a capital and interest paying lifetime mortgage.
    • Your annual voluntary repayment allowance is renewed on the anniversary of the completion date.
    • There are no penalties if no contributions are made in a year, and it does not affect the future annual allowances.
    • Voluntary contributions can 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’ll own your property 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.

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

"I want to release some money from my second home to pay for my daughter's wedding"

Read Nicholas' story

"I need to repay the mortgage on my main residence, and I want to use the property wealth that's stored in my main residence and second home"

Read Valerie's story

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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.