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Canada Life reduces rates and increases LTVs across all Capital Select options

It is also reducing rates across its Lifestyle Lite and Gold Options for home finance customers 


Canada Life is today announcing rate reductions to all its Capital Select Options, starting at 3.09% Annual Equivalent Rate (AER) for its Capital Select Super Lite, effective immediately. It is also increasing the LTVs on these products and reducing interest rates across its Lifestyle Lite and Gold Options.


With reductions of between 40 and 60 bps, the rates on the Capital Select Options are now as follows:


New rate (AER)

Previous rate (AER)


Capital Select Super Lite




Capital Select Lite




Capital Select Gold




Capital Select Gold Plus




Capital Select Platinum




Capital Select Platinum Plus





Canada Life is also increasing LTV across these products; reaching 28% at age 70 for its Capital Select Super Lite, the changes range from 4% to 2.5%. The Capital Select Options range allows customers to borrow up to £1 million against their property and make payments from as little as £50 to a maximum of 10 percent of the initial loan amount each year without incurring an early repayment charge (ERC). Payments can also be made as frequently as customers wish.   

In addition to these changes, Canada Life is reducing interest rates across its Lifestyle Lite and Gold Options by 16 and 13 bps respectively, bringing the Lifestyle Lite Option down to 2.68% AER and Lifestyle Gold to 3.04% AER. 

Alice Watson, head of marketing, Insurance, Canada Life, said: “We’re pleased to announce a series of changes to our Capital Select Options - one of our lifetime mortgage product ranges - as well as our Lifestyle Options. The flexibility and certainty offered by the Capital Select Options range gives customers real peace of mind, while the cashback option is a means of support that can be put towards legal and adviser fees. Meanwhile, our Lifestyle Options are particularly popular with people who do not want to make regular repayments. 

“As with all our lifetime mortgage products, both of these ranges allow 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.


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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.