Canada Life Voluntary Select Gold

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Voluntary Select Gold 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 Voluntary Select Gold Review

Voluntary Select Gold Key Details

Type Rate APR
Canada Life Fixed 4.93% 5.16%

Scheme Incentives

  • FREE valuation

Scheme Offers

  • £1,000 Cashback Allowance
  • Drawdown Facility Option
  • 15%pa Voluntary Repayment Allowance

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, 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.

Could the Canada Life Voluntary Select Gold 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!
Canada Life Voluntary Select Gold

What’s Equity Release?

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 the age of 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?

We’ve summed up the most important information about the topic in this quick video.

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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.

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 Voluntary Repayment Plan is the core product of this Retirement Advantage Voluntary Select Gold plan, with the possibility of adding a drawdown facility at the homeowners’ request. 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 Retirement Advantage Voluntary Select Gold Flexible Lifetime Mortgage accepts a minimum property valuation of £70,000 and a maximum total property value of up to £10 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

Retirement Advantage’s Voluntary Select Gold plan 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.

Minimum Release

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

Scheme Features

The Retirement Advantage Voluntary Select Gold plan is a lifelong mortgage with voluntary payback. This enables the homeowner to make voluntary repayments of at least £50 to Retirement Advantage, with the major benefit being that no evidence of income is required. As a result, for people who are experiencing trouble getting residential mortgages, voluntary repayment programs are an excellent non-verification mortgage option.

This Retirement Advantage program also has the option of being utilised as a drawdown lifetime mortgage scheme, which gives an initial tax-free lump sum cash release for immediate usage, with any remaining unused funds being 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.

 

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

Downsizing protection permits homeowners who choose to reduce their property after 5 years from the plan’s commencement to refund the entire plan with no penalty.
The Compassionate waiver permits any survivor of a combined lifetime mortgage plan to return the whole scheme without penalty as long as repayment happens within a three-year timeframe following their partner’s death or placement in long-term care.

Retirement Advantage is an Equity Release Council member, and all of their plans have 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.

Once all cash funds have been depleted in the future, more borrowing is possible. The minimal extra loan amount is £4,000, and Retirement Advantage charges no finishing fee.

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

The early payback fee is one of the most appealing aspects of Voluntary Select Gold (ERC). Retirement Advantage only charges an ERC on an equity release loan for the first eight years following its start, drawdown, or further borrowing. The ERC begins at 5% for the first five years, then drops to 3% for the next three years, with no penalty thereafter.

Scheme Options

This Retirement Advantage Gold Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make repayments.

Payments to Retirement Advantage can be paid on an as-needed basis, with a minimum of £50, beginning the day after completion. This can be paid with a check or a bank transfer. Retirement Advantage will also allow you to set up a standing order to make monthly payments from the start of the plan. As a result, it may be utilized as a monthly interest only lifetime mortgage program, with the added bonus of NO income verification.

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

The homeowner can choose a payback of £1,000 as part of the Retirement Advantage Equity Release plan range, which has the impact of raising the interest rate by 0.10 percent.

Please call the Equity Release Supermarket team at 0800 802 1051 now for more information or to receive a quote on the Retirement Advantage Voluntary Select Gold Lifetime Mortgage.

Repayment Options

The Voluntary Repayment Option, which allows the homeowner to begin making up to 15% repayments of the original amount borrowed each year with no penalty, is a unique feature of this Retirement Advantage 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 balance by utilizing the maximum 15% allowed.

Inheritance Protection

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.

Editor’s Rating: 4.94

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 or compare interest rates on equity release!

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.

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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As Featured In
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rachel w

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.
francis

Reviewed 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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Katherine Read
Consumer Affairs Writer

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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Nicola Date
Writer & 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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