Canada Life Lifestyle Gold Flexi
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Canada Life Lifestyle Gold Flexi Review
Lifestyle Gold Flexi Key Details
- Free Valuation
- Fixed Early Repayment Charges
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 Lifestyle Gold Flexi, 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.
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?
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 showcased Canada Life – Lifestyle Gold Flexi Plan does not allow for just about any repayments. As a result, this would complement an applicant with little retirement income and the understanding that the interest paid will roll over. If used, the drawdown option will also help with future budgeting if extra expenditure is required in the future.
Minimum Property Valuation
The lowest eligible property valuation for the Canada Life Lifestyle Gold Flexi program is £70,000, with a maximum overall property value of up to £6 million across the UK.
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
The Canada Life Lifestyle Gold Flexi 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 application. The youngest applicant for a joint equity release must be 90 years old or younger.
The lowest release at the application stage is £10,000, with a maximum equity release value of £1 million accessible nationally and subject to underwriting.
The Canada Life Lifestyle Gold Flexi plan is a drawdown lifetime mortgage program that offers an initial tax-free lump sum cash release for immediate usage, with any unused funds held in a cash reserve facility. This is perfect for people who want instant access to funds but will need to withdraw more funds in the future. The cash reserve program has a £2,000 minimum withdrawal amount, with no further administrative fees for any subsequent drawdown amounts taken.
The early repayment costs (ERCs) are one of the most appealing aspects of the Lifestyle Options plan line. Canada Life only charges an early repayment charge on this equity release loan for the first 8 years following its start, drawdown, or further borrowing. Early repayment penalties begin at 5% for the first five years, then decrease to 3% for the following three years, with no penalty thereafter.
Should the cash reserve be depleted, more borrowing is accessible in the future, with a minimum extra borrowing amount of £4,000 and no completion fee paid by Canada Life.
A generous free unlimited valuation is provided, as well as a set lifetime interest rate on the original lump amount. Any further withdrawals from the drawdown facility will be charged at the rate in effect at the time of release, plus a fee to be determined later.
Equity Release Council Status
Canada Life is an Equity Release Council member, and all of its plans include a no-negative equity guarantee. As a result, if the property is eventually sold, no beneficiaries will be left with a debt owed to the equity release business.
This Canada Life Lifestyle Gold Flexi Mortgage allows any homeowner to spend their tax-free cash however they see fit, with no obligation to make repayments.
As a core lump sum product, there is also the option of incorporating the cash drawdown facility, which adds 0.2 percent to the regular equity release interest rate. (This 0.2 percent bonus is already included in the interest rate displayed.)
The Inheritance Protection feature, which allows the homeowner to obtain a predetermined proportion of the property’s ultimate selling value, is an option for inclusion. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.
Canada Life's Other Equity Release Schemes
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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.
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