Canada Life Voluntary Select Gold Flexi

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

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Voluntary Select Gold Flexi Key Details

Type Rate APR
Canada Life Fixed 5.13% 5.37%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Fixed Early Repayment Charges
  • 3-Year No Early Repayment Charge*
  • Downsizing Repayment Charge Exemption**
  • Inheritance Guarantee Option
Canada Life Voluntary Select Gold Flexi

Canada Life Voluntary Select Gold Flexi Review

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 Voluntary Select Gold Flexi, 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 Voluntary Select Gold Flexi 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 & How Does It Work?

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.

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: What’s Equity Release & How Does It 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

This Canada Life Drawdown plan is the core product – the Voluntary Repayment Plan – with the addition of a drawdown capacity at the request of the homeowner (Flexi). This would be appropriate for an applicant who needs flexibility in controlling their future balance by making ad hoc payments as needed. However, the homeowner can also choose a cash drawdown facility, which gives the opportunity of more money in the future if needed.

Minimum Property Valuation

The lowest eligible property valuation for the Voluntary Select Gold Flexi Lifetime Mortgage is £70,000, with a maximum overall 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 Voluntary Select plan from Canada Life is offered 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 the application stage. The youngest applicant for a joint equity release must be 90 or younger.

Minimum Release

The lowest release amount at the application stage is merely £10,000, with a total maximum equity release amount of £750,000 accessible countrywide and subject to underwriting.

Scheme Features

The Canada Life Voluntary Select Gold Flexi plan is a drawdown lifetime mortgage program that offers a tax-free lump sum cash release for immediate usage, with any leftover unused funds held in a cash reserve facility. This is great for people who want instant access to funds but will need to withdraw more funds in the future. The cash reserve program has a £2,000 minimum withdrawal amount, with no further administrative fees for any subsequent drawdown amounts taken.

Valuation Features

A substantial free appraisal is provided, as well as a guaranteed lifetime interest rate on the initial lump amount. Any subsequent withdrawals would be subject to the interest rate in effect at the time of withdrawal.

Early Repayment Feature

Two Early Repayment Charge exemptions are now included as standard in their Voluntary Select range – Downsizing Protection and the Compassionate 3-Year Early Repayment Waiver. Both of these automatic features allow the plan to be returned early, with no penalty, in the case of specific life circumstances.

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 Flexi Drawdown Mortgage allows any homeowner to spend their tax-free money as they see fit, with no obligation to make payments.

Because it is a core lump sum product, adding the cash withdrawal facility increases the normal equity release interest rate by 0.2 percent.

A rebate of £1,000 can be selected as part of the Canada Life equity release plan range, which has the effect of raising the interest rate by 0.10 percent.

Repayment Options

The Voluntary Repayment Option, which allows the planholder to begin paying up to 15% repayments of the initial amount borrowed each year with no penalty, is a unique feature of the Canada Life plan.
This aids in the management of the future balance of the lifetime mortgage UK plan, allowing you to decrease the roll-up impact of the interest, pay off the interest solely, or even lower the future amount to zero by utilizing the maximum 15% allowed.

From the commencement of the plan, Canada Life will allow you to set up a standing order to make monthly payments. As a result, it may be utilized as a monthly interest only lifetime mortgage program, with the added bonus of NO income verification.

Inheritance Protection

Another alternative for inclusion is the Inheritance Protection function, which allows the homeowner to secure a predetermined proportion of the property’s ultimate sale value. 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?

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

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
SovereignBoss client
I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
janus
Janus Kern
SovereignBoss client

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.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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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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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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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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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
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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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