Canada Life Capital Select Gold

Are You Considering the Capital Select Gold Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

Before You Start Reading...

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Canada Life Capital Select Gold Scheme Review

Capital Select Gold Key Details

Type Rate APR
Canada Life Fixed 4.02% 4.17%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • Inheritance Protection
  • 8-Yr Fixed Early Repayment Charge
  • Downsizing Protection
  • Drawdown Option*

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Canada Life Capital Select Gold, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Canada Life Capital Select Gold be the right equity release plan for you?
We’re here to help you:
Canada Life is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Canada Life?

Let’s find out!

Who Are Canada Life?

Canada Life Financial Corporation is a Canadian firm that provides group and individual life, health, and disability insurance.1 After rejecting a hostile acquisition proposal by rival Manulife, it was bought by The Great-West Life Assurance Company in 2003.
Learn more about the various Canada Life equity release schemes.
Canada Life Capital Select Gold

Scheme Background

New kids on the block make confident play within the equity release market.

With a ‘design-it-yourself’ approach to equity release, newly formed Canada Life offers a refreshing suite of products to qualifying homeowners and investors.

Enjoy lump sum, interest only lifetime mortgages, voluntary repayment schemes, Buy-to-Let (BTL) and Second Home equity release plans. Benefit more by adding on extra’s such as cashback, or drawdown facilities and couple this with an 8-year fixed early repayment charge.

Canada Life entered the equity release industry in 2018 following the acquisition of Retirement Advantage, a specialist in providing retirement products such as lifetime mortgages and retirement accounts with roots as far back as 1852. Prior to take-over Retirement Advantage was formed by a re-branding of MGM Advantage in 2015, following the purchase of former equity release lender – Stonehaven Equity Release.

This combination of experience, confidence and innovation makes Canada Life a serious lender in today’s equity release marketplace.

Eligibility & Requirements

The core Canada Life Capital Select Gold Lifetime mortgage is fundamentally an interest-only lifetime mortgage with the flexibility to make regular standing order payments and no evidence of income or affordability required. This plan would be suitable for any homeowner who requires monthly interest repayments, allowing them to control the eventual balance of their equity release mortgage.

The Capital Select product suite is divided into loan-to-value ratio categories. They start with the ‘Lite’ products, which have the lowest loan-to-value ratios, and progress to the Gold, Gold Plus, and Platinum variants, which have ever larger maximum loan amounts.

Minimum Property Valuation

The lowest eligible property valuation for the Canada Life Capital Select Gold Plan is £70,000, with a maximum aggregate property value of up to £6 million across the country.

Property Location Requirements

The property given as security should be the homeowner’s primary residence and must be located in England, Scotland, or Wales.

Single vs Joint

This Canada Life interest servicing plan is offered on both a single and joint life basis, with a minimum age of 55 for the youngest homeowner and a maximum age of 90 at the application stage. The youngest applicant for a joint equity release should be 90 or younger.

Minimum Release

The minimum release amount at the application stage is £10,000, with a total maximum equity release amount of £1 million accessible countrywide and subject to underwriting.

Scheme Features

Ad hoc or organised voluntary repayments are permitted under the Canada Life Capital Select Gold plan. The sole difference between this Gold plan and the Gold Plus and Platinum versions, which are all part of the Capital Select suite, is the amount each will release via respective loan-to-value ratios. In essence, the Gold Plan will release a lesser loan amount, generally 5% less than the Gold Plus and 10% less than the Platinum edition. The Capital Select Gold plan, on the other hand, has a significantly lower interest rate than both the Gold Plus and Platinum agreements.

Early Repayment Feature

Now included as a standard in Canada Downsizing Protection and the Compassionate 3-Year Early Repayment Waiver are two Early Repayment Charge waivers available via Life’s Capital Select. Both of these automatic features allow the plan to be returned early, with no penalty, in the case of the following life events: –

Scheme Options

This Canada Life Capital Select Gold Lifetime Mortgage allows every homeowner to spend their tax-free cash as they see fit. They can also pick a level of voluntary contribution that corresponds to their affordability levels rather than that of the lenders.

Homeowners can select their level of payment to Canada Life’s interest charges, which can be up to 10% of the initial capital amount borrowed, with NO penalty. One key characteristic of Canada Life’s Capital Select Gold Plan is that no proof of income or affordability is required, both before and beyond retirement age.

Payments are flexible, and you choose the degree of payback. Payments are possible at any time during the year, and using the maximum 10% repayment method might effectively lower the debt if necessary. The minimum payback is £50, and payments can be made via a debit card, a check, a bank transfer, or, most often, a standing order for an interest-only mortgage. Your welcome package includes a standing order mandate.

As a basic Capital Select product, you may also add a cash drawdown facility. This means that, once the initial tax-free lump payment is distributed, any leftover unused cash is held in an unlimited cash reserve facility. This is great for people who want to keep the amount under control by making monthly payments while also having access to future money. The minimum withdrawal amount is £2,000 per transaction, and there are no administration costs associated with these transactions.

Repayment Options

Homeowners can control the future balance of their Capital Select Gold Plan by repaying up to 10% of the initial amount borrowed. For example, in order to allow an interest-only basis and so keep a level mortgage amount, the plan would require that 100% of the interest be returned each month.

Even repaying less than the full amount of interest charged each month would manage to reduce the typical impacts of roll-up and keep the debt lower than it would have been otherwise.

Inheritance Protection

The Inheritance Protection function, which allows the homeowner to secure a predetermined proportion of the property’s ultimate sale value. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Footnotes

*Adding a drawdown capability to the Capital Select Gold Plan raises the interest rate by 0.2 percent.
**The 3-year no-early-repayment-charge period applies to joint life policies if the loan is repaid within 3 years of a partner’s death or long-term care.

Canada Life's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Canada Life.

Before You Go

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

See How Much You Can Release 👇

Use the QUICK form below.

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

As Featured In
yahoofinance marketwatch