Canada Life Voluntary Select Gold Flexi
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Canada Life Voluntary Select Gold Flexi Review
Voluntary Select Gold Flexi Key Details
- Free Valuation
- Fixed Early Repayment Charges
- 3-Year No Early Repayment Charge*
- Downsizing Repayment Charge Exemption**
- 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 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 ins and outs of equity release, as you deserve only the best.
However, it’s important to remember that 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.
Let’s find out!
Who Are Canada Life?
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 years old or younger.
The minimum release amount at the application stage is £10,000, with a total maximum equity release amount of £750,000 accessible countrywide and subject to underwriting.
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.
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.
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.
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.
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.
Canada Life's Other Equity Release Schemes
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