Canada Life cuts buy-to-let and second home rates

The lender's buy-to-let and second home Lifestyle and Voluntary Select products have been reduced by 38bps to 5.78% and 5.98% respectively.

Additionally, the LTV for customers aged 55 will increase to 19%, while those aged 70 will be able to apply for a maximum LTV of 34%, which increases to 44% for customers aged 80 and over.

Alice Watson, head of marketing and communications at Canada Life Home Finance, said: “We know that property wealth increasingly plays a key role in supporting homeowners’ retirement lifestyles. These latest product changes are part of Canada Life’s ongoing commitment to deliver greater flexibility and certainty to our customers at competitive rates.

“Our customer data shows that people use our buy-to-let products for a range of reasons, from increasing their retirement income to paying for care fees. Landlords aged 55 and over can experience real peace of mind, knowing that there are no affordability assessments, no minimum income requirements and a fixed interest rate for life.

“Regular market innovation has seen the number of later life lending products more than double in the space of a year. This has given property owners the flexibility to tap into their property wealth just as easily as their pension pot or savings, helping bring it into mainstream financial planning.”