- Introduces two new products: Lifestyle Select Ultra Lite (Standard & Flexible) and Lifestyle Select Super Lite (Standard & Flexible)
- Opens Lifestyle Select Gold Plus to customers aged 55-59
- Decreases interest rates on existing products
Canada Life is enhancing its Lifestyle Select home finance product range, by introducing two new products; Lifestyle Select Ultra Lite (Standard & Flexible) and Lifestyle Select Super Lite (Standard & Flexible). The provider is also opening Lifestyle Select Gold Plus to customers aged 55-59 and decreasing interest rates on its existing product range.
The Lifestyle Select product range allows customers the freedom to unlock tax-free cash from their home with the option to let interest roll-up or to voluntarily repay up to 10% of the initial loan amount each year.. Customers will also have the flexibility to hold funds in a cash reserve facility.
The rates on the Lifestyle Select product options are now as follows:
|
New Lifestyle Select Options |
Interest rate (MER) |
Interest rate (AER) |
|
Lifestyle Select Ultra Lite (Standard and Flexible) |
2.65% |
2.68% |
|
Lifestyle Select Super Lite (Standard and Flexible) |
2.69% |
2.72% |
|
Lifestyle Select Lite (Standard and Flexible) |
2.76% |
2.80% |
|
Lifestyle Select Gold (Standard and Flexible) |
2.96% |
3.00% |
|
Lifestyle Select Gold Plus (Standard and Flexible) |
3.49% |
3.55% |
LTVs have also been made available on Lifestyle Select Gold Plus to customers aged 55-59:
|
New LTVs for Lifestyle Select Gold Plus (Standard and Flexible) |
LTV |
|
55 |
21% |
|
56 |
22% |
|
57 |
23% |
|
58 |
24% |
|
59 |
25% |
Alice Watson, head of marketing, Insurance, Canada Life, said: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of two new Lifestyle Select Options. Expanding our LTVs to cover those aged 55-59 will also allow us to provide options to younger customers who are looking to access their equity to boost their retirement income or perhaps make necessary improvements to their home or garden.
“As with all our lifetime mortgages, this product range allows people to continue living in their homes, while releasing the money tied up in their property. The potential unlocked capital can help retirement plans, pay for home improvements or even help fund lifestyles.”
All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.
Lifestyle Select Options product features
- One-off tax-free payment with optional cash reserve facility
- Choice to repay up to 10% of the initial loan amount each year
- Free valuations with no cap
- 8 year fixed early repayment charges
- Optional inheritance guarantee