Canada Life Lifestyle Lite Flexi
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Lifestyle Lite Flexi Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.92% | 3.07% |
Scheme Incentives
- Free Valuation
Scheme Offers
- Fixed Early Repayment Charges
Canada Life Lifestyle Lite Flexi Review
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 Lite 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 in’s and out’s of equity release, as you deserve only the best.
However, 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.
- Detailed information about the Lifestyle Lite Flexi scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Lifestyle Lite Flexi product.
What's Equity Release & How Does It Work?
We've summed up the most important information about the topic in this quick video.
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.
Equity release is available for individuals or couples over 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: What’s Equity Release & How Does It Work?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are Canada Life?
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
Canada Life Lifestyle Options has three main product lines: the Lifestyle Lite, which has the lowest interest rate and loan-to-value; the Lifestyle Gold, which is the mid-range plan; and the Lifestyle Platinum, which has a higher interest rate but a larger maximum loan amount.
The suggested Lifestyle Lite Plan does not allow for any repayments. As a result, this would complement an applicant with little retirement income and the understanding that the interest paid will roll over. The drawdown facility chosen will also help with future budgeting if any extra spending is required in the future.
Minimum Property Valuation
The lowest property valuation accepted by the Canada Life Lifestyle Lite program is £70,000, with a maximum aggregate 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 Lite plan is available 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 or younger.
Minimum Release
The lowest release amount at the application stage is merely £10,000, with a total maximum equity release amount of £1 million accessible countrywide and subject to underwriting.
Scheme Features
The Canada Life Lifestyle Lite plan is a drawdown lifetime mortgage program that offers a tax-free lump sum cash release for immediate usage, with any leftover 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.
Valuation Features
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.
Early Repayment Feature
Canada life plan updates are still in the works. We will give an update soon.
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.
Joint Application Features
Canada life plan updates are still in the works. We will give an update soon.
Scheme Options
This Canada Life Lifestyle Lite Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make payments.
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.)
Repayment Options
Canada life plan updates are still in the works. We will give an update soon.
Inheritance Protection
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.
Application Fees
Canada life plan updates are still in the works. We will give an update soon.
Cashback Options
Canada life plan updates are still in the works. We will give an update soon.
Footnotes
Canada life plan updates are still in the works. We will give an update soon.
Canada Life's Other Equity Release Schemes
Are you looking for a specific equity release scheme?
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
What people say
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.
Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
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HOW MUCH EQUITY CAN YOU RELEASE?
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