Canada Life Over 55 Landlord Voluntary Select

Are You Considering the Over 55 Landlord Voluntary Select 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 Landlord Voluntary Select Review

Over 55 Landlord Voluntary Select Key Details

Type Rate APR
Canada Life Fixed 5.82% 6.10%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Fixed Early Repayment Charges
  • Non-Equity Release Council Standard
  • Equity Release for Landlords
Canada Life Over 55 Landlord Voluntary Select

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 Landlord Voluntary Select, 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 Landlord Voluntary Select 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.

Property Location Requirements

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

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

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. Canada Life is recognized for its flexible early repayment charges, which apply to the Over 55 BTL choices as well.

Early repayment penalties for landlord option products are fixed for 8 years after the loan is finished. The early payback penalty is 5% for years 0-5 of the loan. It is 3% for years 6-8, and there is no early repayment fee for years 9 and above. The Voluntary Select Option allows homeowners to pay up to 10% of the initial loan amount each year without incurring any early repayment penalties.

Homeowners who use Canada Life’s landlord alternatives may be able to apply for extra borrowing in the future. The homeowner must just stay inside the LTV range of their initial package and cannot convert to a new product. The minimum extra borrowing amount is £4,000, and there is no finishing charge.

The lowest payment amount for the Voluntary Select Option is £50, and the maximum payment amount is the 10% limit each year. The first payment may be made with this option on the day after the loan is completed, and there is no limit to the amount of payments that can be made.

Payments can be made by check, bank transfer, standing order, or debit card. Furthermore, homeowners are not punished if they do not pay their entire yearly payment allotment of 10%.

The Loan-to-Value range for the Landlord Voluntary Select Option begins at 14 percent at age 55 and increases to 39 percent at age 80-90.

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

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

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 lump amount and the option of making future repayments.
The Voluntary Select Option is best suited for homeowners who want to contribute to their loan each year without fear of suffering early repayment penalties. This program is best suited for homeowners who are concerned about interest roll-up but can still afford to make payments.

The entire range of Landlord Over 55 Buy-To-Let solutions provided by Canada Life are appropriate for homeowners who wish to let out their properties but also want the flexibility of capitalising on an equity release program to aid them at, or in-retirement.

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

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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