Canada Life Prestige Options
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Canada Life Prestige Options Review
Prestige Options Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 5.17% | 5.30% |
Scheme Incentives
- Free Valuation
Scheme Offers
- Minimum Loan £250,000
- Inheritance Guarantee Option
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 Prestige Options, 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 Prestige Options scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Prestige Options product.
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?
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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
The showcased Canada Life Prestige 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 eligible property valuation for the Canada Life Prestige program is £500,000, 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 Prestige Options plan is provided on both a single and joint life basis, with a minimum age of 60 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 minimum release amount at the application stage is £250,000, with a total maximum equity release amount of £2 million accessible nationally and subject to underwriting.
Scheme Features
The Canada Life Prestige Options plan is a one-time lump sum lifetime mortgage program that gives an immediate tax-free lump sum cash payout. This is perfect for people who just need a single quantity of money and will not require any extra funds in the future.
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.
Early Repayment Feature
The early repayment costs (ERCs) are one of the most appealing aspects of the Prestige Options Flexi Plan. Canada Life only charges an early repayment fee on this equity release loan for the first ten years from initiation or with additional borrowing.
Early repayment penalties begin at 10% for the first five years, then drop to 5% for the following five years, with no penalty thereafter.
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 Prestige Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make repayments.
Because this is a core lump sum product, the cash drawdown facility can be included, 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.)
For more information or to seek a quote on the Canada Life Prestige Options Lump Sum equity release plan, please 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
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
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.
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