Canada Life Over 55 Buy-to-Let Lifestyle

Are You Considering the Over 55 Buy-to-Let Lifestyle 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 Over 55 Buy-to-Let Lifestyle Review

Over 55 Buy-to-Let Lifestyle Key Details

Type Rate APR
Canada Life Fixed 5.63% 5.90%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Non-Equity Release Council Standard
  • Equity Release for Landlords
Canada Life Over 55 Buy to Let Lifestyle

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 Over 55 Buy-to-Let Lifestyle, 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 Over 55 Buy-to-Let Lifestyle 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?

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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.
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

The Landlord Over 55 Buy-To-Let Options program allows for a minimum loan amount of £10,000 and a maximum loan amount of £750,000. The minimum age is only 55, while the maximum age is 90. If two homeowners borrow jointly, the youngest borrower must be 90 or younger.

To qualify for the Landlord Over 55 Buy-To-Let program, the property must be rented out as a single home on an Assured Shorthold Tenancy for a period of no more than 12 months prior to completion. Multiple-family homes are ineligible.

Applications from limited liability corporations or limited liability partnership businesses are not accepted for Canada Life’s Buy-to-Let products. Companies, universities, housing associations, students, council, family members, renters without the right to rent, DSS tenants, or tenants with diplomatic immunity are also not authorized.

Property owners should ensure that if a license is necessary to rent out their property, they may produce a copy of that license during the application process. Furthermore, Canada Life’s solicitors will want sight of authorized certificates for gas and electricity to demonstrate that they have been safety examined.

Loan-to-values under the Buy-to-Let equity release program range range from 19 percent at age 55 to 44 percent of the property value at age 80. These are smaller lending percentages than the regular Canada Life equity release product range, but they reflect the added risk of buy-to-let lending.

Minimum Property Valuation

The property value range that is eligible for the Canada Life Buy-to-Let (BTL) equity release is £70,000 to £6 million. Properties worth more than £6 million, on the other hand, can still be examined separately.

Property Location Requirements

The property must also be based in England, Wales, or Scotland to qualify.

Single vs Joint

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

Minimum Release

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

Scheme Features

Landlords can apply for and hold several Buy-to-Let equity release mortgages with Canada Life at the same time.

The early repayment rates are advantageous for landlords since they are set for the whole 8-year term of the loan, as well as any extra borrowing done in the future. The early repayment penalty is 5% for years 0-5. The fee is 3% for years 6-8, and there is no early repayment charge for years 9 and above.

Additional borrowing is permitted with the Landlord Buy-To-Let Options products, and approval is subject to the conditions in effect at the time of that separate application. The lowest amount that may be borrowed under extra borrowing is £4,000, and there is no finishing charge.

Valuation Features

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

Early Repayment Feature

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

Equity Release Council Status

Despite the fact that Canada Life is a member of the Equity Release Council (ERC), this Buy-to-Let Lifestyle Mortgage is not covered by the ERC. Nonetheless, they have incorporated the critical safeguard provided by the No Negative Equity Guarantee.

Joint Application Features

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

Scheme Options

The landlord is not required to make any payments toward the interest paid on the buy-to-let mortgage while using the Over 55 Buy-To-Let Options. Instead, the interest is compounded and added to the loan sum. As a result, this program is most appealing to property owners who desire a flat amount and no repayments that would influence their monthly budget. Partial payments on this Lifestyle BTL version are permitted, however an early repayment fee may apply.

The Canada Life Buy-to-Let choices are perfect for homeowners who own one or more Buy-to-Let homes and wish to use an equity release strategy to raise cash for any reason. These might be for tax reasons, such as not having to sell a rental property and instead releasing equity to fund other initiatives.

Furthermore, buy-to-let landlords may desire to pay down an existing interest-only mortgage if no endowment or other repayment vehicle is available. Again, rather of selling the rental property, a buy-to-let equity release may be used to refinance it, preserving the rental income for retirement.

Landlord equity release might potentially be utilized to reduce estate taxes. As mortgage debt accumulates over time, it may lower the net worth of the estate; nevertheless, rental income can still be retained, therefore maintaining the retirement lifestyle.

Other applications include utilizing the Canada Life Over 55 Buy-To-Let Lifestyle plan to help with long-term care funds, as part of a divorce settlement, and a variety of other things.

Our local Equity Release Supermarket advisers are available to discuss and advise on the possible advantages of Canada Life’s buy-to-let equity release plans.

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.

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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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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.
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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.
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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.
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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.
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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.

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As Featured In
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