In This Article
About Canada Life
Canada Life have been operating since 1903 and sell products to individuals and corporate entities located in the UK through financial advisers.
They are a UK-based subsidiary of the Great-West Lifeco group of companies, which has operations in Canada, the United States, Ireland, and Germany.
As an award-winning leading provider of retirement, investment, and protection solutions Canada Life are committed to providing innovative and flexible solutions to help people enjoy a comfortable retirement. Their retirement mortgage solutions can help customers stay in their homes and maintain their independence in later life.
Their products are designed to meet a variety of needs, with the aim to offer outstanding value, financial strength, and exceptional service to their customers.
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What do Canada Life specialise in?
Canada life offer a range of lifetime mortgages and lifetime buy to let mortgages to suit many different people’s needs. Their innovative products include cashback, an optional cash reserve facility and optional voluntary overpayments without incurring an early repayment charge.
They offer a couple of useful tools on their website:
For you to successfully plan for your future, you should take into account your life expectancy.
Use their pension tax calculator to find out the amount and percentage rate of income tax you’ll pay on the pension funds you withdraw.
Canada Life Lifetime mortgages
Canada Life lifetime mortgage products can be taken out on your main residence or your second home and can offer flexibility and certainty. Canada Life lifetime mortgages can unlock cash from your property while still living in your home.
You can choose to make interest payments, service the capital and interest or simply let the interest roll up.
The lifetime mortgages from Canada Life come in 3 varieties:
Capital Select Options
Capital Select Options can offer flexibility. With these lifetime mortgages, you can make voluntary repayments of up to 10% each year, giving you the flexibility to repay your loan early if you wish. You can also add a cash reserve to your loan, giving you access to funds in the future if you need them.
Lifestyle Select Options
Lifestyle Select Options can give peace of mind. With these lifetime mortgages, you’ll have the guarantee of knowing that your loan will never be larger than the value of your property. And, with their fixed early repayment charges, you can be confident that you won’t be charged if you repay your loan early.
Second Home Options
Second Home Options can release cash if you have a second home.
Canada Life Buy to let mortgages
Canada Life later life buy to let mortgages allow landlords to release equity from their Buy to let properties while keeping their portfolio intact, and whilst also allowing them to decide whether to make any voluntary payments.
Voluntary Select Option
If you’re a buy to let investor over the age of 55, Canada Life offer a Voluntary Select Option which allows you to take out a long-term loan against your property, with a fixed interest rate that’s designed to last for the rest of your life. You can choose to make repayments of up to 10% of the loan each year, starting from as little as £50 per year, and there are no minimum income requirements or affordability checks.
Are Canada Life rates competitive?
Canada Life aim to offer competitive rates for lifetime and buy to let mortgages. However, as with any mortgage, it’s important to compare the whole of the market to ensure their products are the best fit you.
When deciding if a rate is competitive, you should be reviewing all aspects of the product, from the initial rate, revert rate, fees charged, the flexibility of the product and the service of the lender.
An independent mortgage advisor can review the whole market assess all of your options and recommend the best option for you.
Can I switch my rate with Canada Life?
You will need to speak to Canada Life if you are already a customer and want to switch your rate.
If you are looking to take further borrowing an independent mortgage advisor can advise and may be able to help you on this.
An independent mortgage broker will ensure all products that are available in the market and reviewed and will find the best option for you, which may not be staying with your current lender.
Declined by Canada Life; what do I do now?
Firstly, if you have been declined a mortgage from Canada Life, you should investigate the reason behind this.
Secondly, you should speak with a mortgage broker to find a more suitable lender.
Some reasons why a lender may decline an application could be down to your current situation, affordability, credit score or credit profile, or the property the mortgage would be based on.
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Conclusion
Canada Life have been operating since 1903 and sell products to individuals and corporate entities located in the UK through financial and mortgage advisers.
They are a UK-based subsidiary of the Great-West Lifeco group of companies, which has companies in Canada, the United States, Ireland, and Germany.
Canada Life is a leading provider of retirement, investment, and protection solutions. They offer a variety of lifetime mortgage and buy to let mortgage products that are designed to meet a variety of needs.
Their products are designed to be competitively priced and offer several features and benefits, including the option to make voluntary payments and the ability to add a cash reserve.
Canada Life lifetime mortgage products can be taken out on your main residence or your second home. Canada Life lifetime mortgages can unlock cash from your property while still living in your home.
With Canada Life later life buy to let mortgages, landlords can release equity from their buy to let properties while keeping their portfolio intact. They can also decide whether to make any voluntary payments.
If you have been declined a mortgage from Canada Life, you should investigate the reason behind this and speak with a mortgage broker to find a more suitable lender.
If you would like to speak with an expert mortgage advisor, please complete the below contact form and I NEED ADVICE will match you with a suitable advisor.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
