The Advantage range offers a discounted interest rate in return for a commitment to regular monthly interest payments.
Canada Life today announces the launch of Advantage, a new range of interest serviced lifetime mortgage products, designed to help customers make the most of their retirement.
The Advantage range offers customers a discounted interest rate when they commit to making regular monthly interest payments. Customers can choose to service 25%, 50%, 75%, or 100% of their monthly interest, with the rate discount increasing in line with the percentage selected.
The Advantage range includes a range of Loan to Value and interest rate options to suit different customer needs. The full list can be found here.[OK1]
In addition to adhering to the Equity Release Council’s standards, Canada Life’s Advantage products come with a range of features, offering customers protection and flexibility throughout the duration of their lifetime mortgage:
· Additional voluntary repayments: Customers can make additional voluntary repayments1 in addition to their monthly interest repayments, up to 10% of the initial loan amount each year without any early repayment charges.
· Downsizing protection: Customers will not need to pay an early repayment charge if they decide to downsize after three years.
· Early repayment waiver for joint borrowers: Customers will not pay an early repayment charge if they decide to repay the lifetime mortgage within three years of the date that the first borrower dies or goes into long term care.
· Inheritance protection guarantee: Customers can protect a percentage of the property’s future value which can be passed to them or their beneficiaries when their property is sold, regardless of how much is outstanding on the loan.
· Flexible underwriting: Canada Life’s flexible underwriting approach can be discussed directly with a team of experienced underwriters. We consider properties with up to 100% flat roofs, with unlimited acreage, ex-local authority flats, modern builds and listed properties.
All Canada Life home finance customers have access to a range of virtual health and wellbeing support services through WeCare2, accessed at no extra charge via the WeCare app, website or over the phone.
Pete Maddern, Managing Director, Retirement Canada Life comments:
“The Advantage range has been designed to give customers greater choice and the opportunity to benefit from discounted rates. By rewarding those who choose to service a portion of their interest, we’re enabling customers to take more control over the total cost of their borrowing and make meaningful savings over the life of their loan.
“As property wealth becomes an increasingly important pillar of retirement planning, Advantage offers a way for customers to unlock value from their homes whilst retaining vital protections. With a host of features designed to provide both security and flexibility, Advantage is yet another example of how Canada Life continues to innovate, ensuring our products remain relevant and responsive to the evolving needs of our customers.”
ENDS
Notes to editors:
1. The minimum amount permitted for additional voluntary payments is £50.
2. WeCare is a virtual health and wellbeing service that offers 24/7 access to thousands of experts. New and existing home finance customers can speak to a UK-based GP, receive mental health support and access legal or financial guidance – all from the comfort of their own home. More information on WeCare can be found by visiting www.canadalife.co.uk/wecaresupport
Press enquiries:
Katie Ormrod, Canada Life, 07834 740227, katie.ormrod@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.