Canada Life announces product rate cuts

Canada Life has announced it is enhancing all its capital select options for home finance customers.

Across the range, Canada Life’s interest rates for its super lite and platinum options will be reduced by 10bps. The lender is also increasing the LTVs on these products, ranging from a 0.5% uplift for its platinum plus product, to a 2.0% uplift for its gold plus product.

The capital select options range allow customers to borrow up to £1m against their property and make payments from £50 to a maximum of 10% of the initial loan amount each year, without incurring an early repayment charge and payments made as frequently as customers wish.  

Furthermore, Canada Life revealed it is also reducing interest rates across its lifestyle range, with  its lifestyle lite product dropping by 10bps to its lowest ever rate at 2.55% MER (2.58% AER).

The lender’s lifestyle options are interest roll-up lifetime mortgages which allow customers to unlock a one-off, tax-free payment from their home, with no monthly payments.

“Given the events of the last six months, we’re pleased to be able to make these enhancements to both our capital select and lifestyle options,” said Canada Life head of marketing, insurance, Alice Watson.

“Customers need flexibility and certainty now more than ever before, and these products allow them to continue living in their homes, while releasing the money tied up in their property, whether that be to cover any unexpected costs, boost their retirement income or even fund home improvements.”

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