Canada Life Second Home Voluntary Select

Are You Considering the Second Home 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 Second Home Voluntary Select Review

Second Home Voluntary Select Key Details

Type Rate APR
Canada Life Fixed 5.82% 6.10%

Scheme Incentives

Scheme Offers

  • 2nd Home Equity Release
  • 10%pa Voluntary Repayment Allowance
  • 8-Year Fixed Early Repayment Charges
Canada Life Second Home 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 Second Home 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 Second Home 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 properties utilized within this lifetime mortgage range must be second residences and not the homeowner’s principal property. To qualify as a second home, the property must be available for the owner’s exclusive occupation and, if rented, must not be rented for more than four weeks at a time. It must also be utilized for at least four weeks each year by the homeowner.

Minimum Property Valuation

The house used to secure the lifelong mortgage must be worth between £70,000 and £6 million, with limited exceptions allowed for homes worth more than £6 million.

Property Location Requirements

The property must also be in Scotland, Wales, or England, and it cannot have any written agreements or Assured Shorthold Tenancies in place.

Furthermore, it cannot be promoted openly, such as online or through an agency.

Single vs Joint

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

Minimum Release

For these items, the minimum application age is 55, and the maximum applicant age is 90. The youngest borrower must be 90 years old or younger if borrowing jointly.

Scheme Features

The potential loan amounts for all three products in this Second Home series vary from a minimum of £10,000 to a maximum equity release of £750,000.

The Voluntary Select option is one of three second home lifetime mortgages offered in this line. It allows homeowners to pay up to 10% of the initial loan amount each year without incurring any early repayment penalties. The smallest payment amount permitted is £50, and the maximum payment amount permitted is the maximum 10% limit.

Homeowners can make their first payment as soon as the day after the loan is closed, and they can make an infinite number of installments each year. Payments can be made in a number of methods, including bank transfer, check, standing order, or debit card over the phone. Homeowners are not penalized if they do not meet the annual payment allowance of 10%.

The Retirement Advantage loan-to-value range with the Second Home Voluntary Select begins at 19 percent at age 55 and increases to 44 percent at age 80-90.

The Voluntary Select option is best suited to any homeowner who desires some degree of flexibility in selecting whether or not to pay off any portion of their lifetime mortgage debt. It is an excellent choice for any homeowner who is concerned about interest roll-up since it allows the homeowner some control over their lifetime mortgage balance. All three options in the range are appropriate for homeowners who own a second property yet wish to benefit from the advantages of a lifetime mortgage.

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

With the Second Home Options, you may borrow more money. The lowest loan amount is £4,000, while the maximum loan amount is the maximum amount possible within the product range. When borrowing more cash, homeowners may not transfer to a different product and must stay inside their initial LTV range.

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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Value of Your Home?

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As Featured In
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