We’re enhancing our lifetime mortgage range to offer customers more choice and flexibility around loan repayments.
Introducing Lifestyle Select Options
We’re pleased to let you know that we’re introducing a new range of Lifestyle Select Options, which replace our current Lifestyle Options range.
Our Lifestyle Select Options retain the same product features as our Lifestyle Options, while also offering the new facility to accept voluntary overpayments.
Our Lifestyle Select Options allow repayment contributions of up to 10% of the initial loan amount each year. Customers won’t be obliged to make payments and any contributions they make will be free from early repayment charges, allowing customers to choose what suits them best.
Pipeline
We’re closing our Lifestyle Options to new business. Lifestyle Option KFIs will be available until 9am on Tuesday 10th August. If KFIs have already been generated and clients would like to continue applying, we will need to receive completed applications before 5pm on Thursday 30th September.
Where advisers have already submitted an application and would like to take advantage of the new voluntary overpayment feature, we advise getting in touch with our Applications team and asking to switch the case to our Lifestyle Select Options. They will let you know the next steps. Please note, switching products may cause a delay to applications, and if the application is at legal stage, a new Offer pack will need to be issued.
The voluntary overpayment feature is only available to new customers proceeding on our Lifestyle Select Options. It will not be available to our existing Lifestyle Options customers.
Changes to interest rates
From Tuesday 10th August, we decreased the interest rates on:
- Lifestyle Select Lite (Standard and Flexible)
- Lifestyle Select Gold (Standard and Flexible)
- Additional borrowing for the above products
The table below shows the new interest rates for our Lifestyle Select Options:
| Lifestyle Select Options (available from 10th August) | Interest Rate (MER) | Interest Rate (AER) |
| Lifestyle Select Lite (Standard and Flexible) | 2.66% | 2.69% |
| Lifestyle Select Gold (Standard and Flexible) | 2.82% | 2.86% |
| Lifestyle Select Gold Plus (Standard and Flexible) | 3.20% | 3.25% |
Key documents
The latest documents providing information about Lifestyle Select Options will be available to download here on Tuesday:
- Home Finance product overview – a guide to our entire product range, including interest rates and LTVs
- Our Charges – an overview of the fees we charge
- Additional borrowing interest rates – an overview of our current cash reserve facility and further advance interest rates
Contact us
If you would like to get in touch with us, you can email us or call us on 0800 068 0212.
- Applications team – hf-applications@canadalife.co.uk
- Underwriting team – hf-underwriting@canadalife.co.uk
- Sales team – hf-sales@canadalife.co.uk
