Canada Life Lifestyle Lite

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

Before You Start Reading...

Let's See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

timer

It's VERY FAST, takes just 8 seconds

Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

Canada Life Lifestyle Lite Review

Lifestyle Lite Key Details

Type Rate APR
Canada Life Fixed 2.92% 3.07%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Fixed Early Repayment Charges
Canada Life Lifestyle Lite

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, 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.

Could the Canada Life Lifestyle Lite 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!

What's Equity Release?

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.

Learn More: What’s Equity Release?

How Does Equity Release Work?

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: How Does Equity Release Work?

How Much Can You Release?

Use the FREE Calculator 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

timer

It's VERY FAST, takes just 8 seconds

Why get a free quote?

Multiple quotes

Get quotes from our providers & choose the best one

Speak to an expert

We’ll get an expert to contact you to answer any questions

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.
Learn more about the various Canada Life equity release schemes..

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 highlighted Lifestyle Lite Plan does not allow for any repayments. As a result, this would fit an applicant with little retirement income and the understanding that the interest paid will roll over.

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 at the application stage is merely £10,000, with a maximum equity release value of £1 million accessible nationally and subject to underwriting.

Scheme Features

The Canada Life Lifestyle Lite plan is a one-time lump sum lifetime mortgage program that gives an instant tax-free lump sum cash release. This is perfect for people who just need a single quantity of money and will not require any extra funds in the future.

The early repayment costs (ERCs) are one of the most appealing aspects of the Lifestyle Options plan line. Canada Life only charge an early repayment charge for the first 8 years following inception, or additional borrowing on this equity release loan. 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 capital amount taken.

Early Repayment Feature

Canada life plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Because Canada Life is a member of the Equity Release Council, all of its plans include a no-negative equity guarantee. The importance of this is that any beneficiaries cannot be left with a debt owed to the equity release business if the property is eventually sold.

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.

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.

As a core lump sum product, there is also the option of adding the cash withdrawal facility, which adds 0.2 percent to the regular equity release interest rate. (The interest rate indicated already includes the 0.2 percent bonus.)

For more information or to seek a quote on the Canada Life Lifestyle Lite Lump Sum plan, call the Equity Release Supermarket team now on Freephone 0800 802 1051.

Repayment Options

Canada life plan updates are still in the works. We will give an update soon.

Inheritance Protection

Canada life plan updates are still in the works. We will give an update soon.

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.

Editor’s Rating: 4.85

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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.

You may also like

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?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch
rachel w

Written by
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.
john lawson profile.jpg

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

Written 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.
kath icon

Written by
Katherine Read
Financial Planning Reporter

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.
nicola

Written by
Nicola Date
Writer & Financial 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.

See How Much You Can Release 👇

Use the QUICK form below.

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch