Canada Life Capital Select Gold Plus

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

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

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Canada Life Capital Select Gold Plus Review

Capital Select Gold Plus Key Details

Type Rate APR
Canada Life Fixed 4.3% 4.46%

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 Plus, 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 Plus 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!
Canada Life Capital Select Gold Plus

What’s Equity Release?

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over the age of 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

We’ve summed up the most important information about the topic in this quick video.

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Most popular reasons for releasing equity

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.
Here’s a range of Canada Life equity release plans you can choose from.

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, and Buy-to-Let (BTL) and Second Home equity release plans. Benefit more by adding on extras 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 the 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 Plus 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 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 Plus Plan is £70,000, with a maximum aggregate property value of up to £6 million across the country. Contact the Equity Release Supermarket team on Freephone 0800 802 1051 for a bespoke quotation for property valuations higher than £6m.

Property Location Requirements

The property given as security should be the homeowner’s primary residence and should 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 years old at the application stage. The youngest applicant for a joint equity release must be 90 years old 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 Plus plan. The sole difference between this Gold Plus plan and the Gold version, both of which are part of the Capital Select suite, is the amount each will release via respective loan-to-value ratios. In essence, the Gold Plus Plan will discharge a larger loan amount, generally 5% greater than the Gold version. However, as a result, the Capital Select Gold Plus plan has a higher interest rate than the Gold deal.

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 certain life events.

Scheme Options

This Canada Life Capital Select Gold Plus 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 Plus 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 core 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 suitable for people who want to keep the amount under control by making monthly payments while also having access to future money. The minimum drawdown permitted is £2,000 per withdrawal, and there are no administrative costs for these withdrawals.

Repayment Options

Homeowners can control the future balance of their Capital Select Gold Plus 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 assist 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 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 Plus 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.

Editor’s Rating: 4.75

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.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare interest rates on equity release!

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.

HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

See how much you can release today!

How Much Can You Release?

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As Featured In
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rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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As Featured In
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