Release tax-free cash from your home
Protect your families inheritance
Use the money to purchase another house or pay off credit cards
Live in and retain ownership of your home with a lifetime mortgage
The broker will compare options from the following brands only:
Aviva, Hodge Lifetime, Just (Just Retirement), Legal & General (L&G), LV (Liverpool Victoria), More2Life, OneFamily, Pure Retirement, Retirement Advantage. Please note that the Canada Life logo is a trademark of Canada Life International Limited, to which we have no direct affiliation. The equity release firms we work with provide quotes from many providers.
Find the Right Equity Release Deal - Rates from 2.96% for 55 and Over.
Before there was Retirement Advantage, the firm operated as MGM Advantage as an annuity provider, until 2014’s budget. That’s when the announcement came from the then Chancellor George Osborne who announced in the budget that savers would never be forced into buying an annuity again.
The retirement sector needed to innovate. In response, MGM Advantage rebranded to form Retirement Advantage. Part of the move into the retirement sector saw the firm buy the Stonehaven Equity Release brand, which gave it a firm footing going into the equity release market.
Retirement Advantage was later acquired by Canada Life in January of 2018. All Retirement Advantage Equity Release products are now offered through Canada Life.
It’s those lifetime mortgage products offered by Canada Life that are the focus of this review, as Canada Life is continuing to provide the same product line Retirement Advantage had, before the acquisition.
Canada Life are members of the Equity Release Council (ERC) so homeowners interested in any of the Canada Life equity release offers will still have the same high-level guarantees of other leading firms, namely the no negative equity guarantee.
In addition to being voluntary members of the ERC, The Canada Life Group (U.K.) Limited and subsidiaries (Stonehaven UK LTD and MGM Advantage LTD) are regulated by the Financial Conduct Authority and authorised by the Prudential Regulation Authority.
Canada Life has been involved in the UK finance sector since 1903. It’s only in 2018; the company expanded into the equity release market following the acquisition of Retirement Advantage.
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Four products complete the line-up of lifetime mortgages, providing a healthy range of options for homeowners nearing retirement and in retirement.
This plan is suited to High Net Worth clients with properties valued at £500,000.
Interest Select Options
Voluntary Select Options
The Voluntary Select plan works similar to the Interest Select option; only instead of repaying between 50% and 100% interest monthly, you’d be able to make voluntary payments as, when and if you choose, up to a maximum of 15% of the loan advance per the calendar year.
In addition to the plans outlined above, Canada Life also provides equity release on second homes that meet the eligibility criteria. The key difference on Second Home equity release plans are the payments are one-off and do not have the cash reserve facility.
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The total amount you’ll be eligible to borrow is based on your age at the time of the application and the value of your home. You can use the Canada Life maximum loan calculator to get an idea of how much you can borrow.
As an illustrative example:
Based on a 58-year-old with a home valued at £180,000, a maximum loan of £25,200 could be available on the Lifestyle Lite plan at 4.02% monthly interest using interest roll up with no additional features. Should you want to include a cash reserve, the interest rate would be 4.22%.
If you were to choose to include a cashback option, the Interest Select plans would let you borrow more, but with a higher interest rate and monthly payments required to qualify for cashback. How you spend the funds are entirely your choice. There are no restrictions, other than existing mortgages must be repaid from the funds released.
You can choose to take all funds released as a tax-free lump sum or use the cash reserve for future borrowing. If you are using the cash reserve facility, interest is only charged on the money you withdraw, not what you’re approved for. You could unlock £25,200 withdraw £10,000 leaving £15,200 available to withdraw in the future. Interest is only charged on the money you release and depending on the plan you choose; you could pay some interest, all of the interest or put it on interest roll up and make no repayments at all.
If you’re interested in any of the equity release plans Canada Life have on offer, get in contact with our team today!
To be eligible for any equity release product, you must get professional financial advice. Jubilee can advise on all aspects of equity release including the risks, the costs and the terms.
If you are suitable and there are no other more cost-effective borrowing methods that will let you unlock the cash tied up in your property, we can assist with a whole of market equity release comparison search, to find you the right deal at the best rates.
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