Canada Life expands range with enhanced rates and cashback

The new Super Lite product has a monthly interest rate of 3.21% and an annualised rate of 3.26%.

The addition of the cashback option means borrowers are eligible to receive a lump sum of 3% of the value of their initial loan.

Canada Life’s Capital Select Options range allows customers to borrow up to £1 million against their property, and make payments from as little as £50 to a maximum of 10% of the initial loan amount each year without incurring an early repayment charge.

The Capital Select range offers a £0 completion fee until 27th September, as well as free valuations.

Alice Watson, head of marketing and communications at Canada Life Home Finance, said: “Canada Life is committed to meeting the needs of customers in the later life lending market, and these enhancements are the latest evidence of this. By adding ways to increase the flexibility in our lifetime mortgages we aim to give customers greater control of how they access the equity tied up in their homes.

“As the profile of retirement income continues to evolve, it’s important that lifetime mortgage products are tailored to meet the needs of the growing and increasingly diverse customer base. Continued market innovation has seen the number of later life lending products more than double in the space of a year, but to ensure further market growth, we must continue to put customer needs at the heart of what we do.”