Canada Life has recently announced a number of product changes, including the reintroduction of its Lifestyle Gold Plus and Prestige Options products, providing a higher loan-to-value (LTV) for its Home Finance customers.
The changes by Canada Life offer customers greater flexibility across the entire Lifestyle Options range. The Lifestyle Gold Plus product has a monthly interest rate (MER) of 4.41% and an annualised interest rate (AER) of 4.50%. With its reintroduction, which carries an LTV of 36% at age 70, Canada Life believes it will prove valuable in helping customers access more of their property wealth at this time.
Canada Life’s Lifestyle Options range allow customers access to enjoy a one-off, tax-free cash payment, as well as providing an optional cash reserve facility for an additional 0.20% MER (approx. 0.21% AER) and free valuations with no cap. Payments are also not required, with interest being added to the loan each month, offering customers additional flexibility.
Alongside the Lifestyle Gold Plus addition, Canada Life has also announced the reintroduction of its Prestige Options, a product allowing customers to borrow up to £2 million, designed with high value properties in mind. This is aimed at customers who are not looking to make any monthly payments, and would like to unlock a greater portion of their property wealth.
All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.
You can find more information at www.canadalife.co.uk.
