Coronavirus update
As the coronavirus situation continues to evolve, we want to update you on how it impacts our service to you and your clients.
Business update and FAQs
Our website is updated as the coronavirus situation evolves. You can find our business update here, as well as our adviser FAQs, www.canadalife.co.uk/adviser/coronavirus-support-hub.
Our customer update can be found here, www.canadalife.co.uk/covid-19.
Remote valuations
We’re pleased to confirm that with effect from 10am today, Tuesday 5th May, we’re introducing remote valuations on the following product options:
- Capital Select Options
- Interest Select Options
- Over 55 Buy-to-Let Options
- Second Home Options
The remote valuations on this set of products will be subject to:
- An application based on our current interest rates, LTVs and product availability
- Temporary modifications to our lending criteria
- A retention of 10% (minimum £5,000) being applied to the total loan amount (including the cash reserve facility, if applicable)
- A satisfactory on site valuation within 6 months of completion, which is free of charge
- Our valuation partner being able to access the data needed in order to provide an accurate current market value and re-instatement value
Remote valuations on our Lifestyle Options are already in place. The process for remote valuations on our Lifestyle Options remains unchanged, and can be found here. Retentions will not be applied.
Pipeline cases
Capital Select Options and Lifestyle Options
- Remote valuations can only be progressed on applications using a KFI generated after 10am on 14th April.
- Where the KFI was generated prior to 10am on 14th April, applications are subject to having an on site valuation and receiving an Offer letter before 5pm on Friday 15th May.
Where the KFI was generated after 10am on 14th April, applications which do not meet the requirements for a remote valuation will be placed on hold until an onsite valuation can be conducted.
Interest Select Options, Over 55 Buy-to-Let Options and Second Home Options
- Remote valuations can be progressed on any KFI.
If an application does not meet the requirements for a remote valuation, it will be placed on hold until an onsite valuation can be conducted.
Key documents
You can read a guide to our temporary modifications here.
You can also view our guides on:
Contact us
Please contact us by email instead of calling, where possible. This will allow our team to prioritise our vulnerable customers and any urgent issues. You can contact the teams by:
- Applications team – hf-applications@canadalife.co.uk
- Underwriting team – hf-underwriting@canadalife.co.uk
- Sales team – hf-sales@canadalife.co.uk
If you would like to speak to us, please email the team and ask for someone to call you back. Alternatively, you can contact a member of the Sales team.
Thank you for your ongoing support,
Canada Life
