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Canada Life Equity Release With Free Valuation

Canada Life Equity Release
  • Remove tax-free equity from your property with Canada Life Equity Release
  • No need to make monthly payments
  • Free valuation
  • Use the money to pay off credit cards and loans
  • Stay living in your own home for as long as you like

How much can I release?

You can borrow 70% of your home’s valuation. For example, if your home is valued at £280000 you can borrow £196000.

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Testimonials and Example Cases

julia-a

Julia A

My mother has dementia. With my solicitor and my power of attorney, I got an equity release on my mother’s house to pay for specialist modifications for her comfort.

RIO

Mrs M from Birmingham

With no broker and no lender fees, I got an interest-only retirement mortgage, which I pay monthly from my private pension. The money released went to my daughter for her wedding and a deposit for her next house. She wanted a family, and her flat was too small.

RIO

Mrs E from London

My mortgage needed to be repaid to the existing lender. I thought I was going to lose my house. Thanks to Concise, I got an equity release to pay off my mortgage.

david-p-london

David P

With my power of attorney, I got an equity release on my father’s house to pay for disability provisions, including a lift and a new kitchen.

RIO

Mr Smith from Kendal

My financial advisor told me I should get equity release and gift money to my 5 children now as it would save a massive amount of inheritance tax.

RIO

William from London

I was told by my lawyer my inheritance tax bill would be around £250,000. I got a lifetime mortgage to give money to my son and daughter so they could buy bigger homes and we bought a house in the south of France for us all to use as a holiday home.

mr-g

Mr G from Kent

I got an interest-only lifetime mortgage and gave my sons £100,000 each so they could put a deposit down on a home. My money made it possible for them to get an excellent mortgage deal, especially one poorly paid son.

RIO

Mrs Shaw from Lancaster

I had an interest-only mortgage with Birmingham Midshires. The mortgage ended its term, and they wanted the £127000 back I still owed them. My lifetime mortgage saved me from losing my home, and the rate was close to what I paid before.

RIO

Sophie G from Aberdeen

The financial advisor I’ve had for 25 years said I could save inheritance tax by getting £350,000 of equity release. The money was lent at a very low-interest rate close to 2% and competitive with regular mortgages you would get by proving income. I have saved a lot of tax.

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  • Please enter a number from 4000 to 20000000.
  • Leave blank if no mortgage outstanding
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Raise money with your home
Cash tied up in home
Homeowner in their 70s
Money tied up in house

The mortgage lender will want to know if the property is a Freehold terraced house or a Leasehold flat with a share of freehold and if the resident is an Assured shorthold tenancy tenant.

Small business owners detail likely with equity to release

  • Sound recording and music publishing activities Widnes
  • Wired telecommunications activities Long Sutton
  • Manufacture of cleaning and polishing preparations Swanscombe and Greenhithe
  • Manufacture of cider and other fruit wines Moretonhampstead
  • Manufacture of medical and dental instruments and supplies Penkridge
  • Manufacture of dyes and pigments Pocklington

Towns of the UK where Lifetime Mortgages are common

  • Penwortham
  • Lymington
  • Reading
  • Long Sutton
  • Alcester
  • Halifax
  • Southminster
  • Cinderford
  • Halstead
  • Guisborough
  • Porthleven
  • Totnes
  • Scunthorpe
  • Market Deeping
  • Bawtry
  • Pudsey
  • Winchcombe
  • Eccles
  • Harworth and Bircotes
  • Cleobury Mortimer
  • Bridgewater Equity Release
  • Canada Life Second Home Voluntary Select Plan
  • Liverpool Victoria LV Equity Release
  • More to life Capital Choice Plan
  • Nationwide Interest Only Lifetime Mortgage
  • Saga home reversion plan
  • Aviva Equity Release
  • L&G Legal & General Flexible Plus Lifetime Mortgage
  • More 2 Life Flexi Choice Voluntary Payment Super Lite
  • More to life Flexi Choice Voluntary Payment Super Lite
  • More 2 Life Capital Choice Plus Plan
  • Lloyds Bank Equity Release
  • TSB Equity Release Plans
  • NatWest Interest Only Lifetime Mortgage
  • Pure Retirement Equity Release Plans
  • TSB Equity Release
  • More 2 Life Flexi Choice Voluntary Payment Super Lite

What percentage can be released?

The more elderly you are and the unhealthier you are, the more tax-free money you can release.

Tough-to-mortgage home titles include properties with a sinking fund of 7% or more of the property sale price when the property is sold, properties without a kitchen or bathroom, properties with structural problems, timber buildings and properties that have never been registered with the land registry.

Hodge Lifetime Retirement Mortgages

Just

LV Retirement Mortgages

Pure Retirement Retirement Mortgages

Tough-to-mortgage home variants can include properties built or converted into dwellings more than 10 years ago, properties with a large number/scale of outbuildings, use of the land and any outbuildings for a small amount of personal commercial use., properties that have solar farms or a large number of wind turbines on the land and properties adversely affected by existing or proposed issues including roads, rail, airports, power plants, power lines/pylons, wind turbines, substations, sewage works, quarries, fuel stations, refuse sites, sports grounds, noise, light or environmental pollution.

Difficult to mortgage property types include pre-fabricated reinforced concrete (PRC), properties with any externally applied insulation to the walls after construction, properties constructed or converted within the past 10 years, privately developed flats in blocks of five storeys or more and flats above or adjacent to commercial premises.

Hard-to-mortgage property types can include poorly maintained at the time of the valuation inspection, properties where the owner is set up on a tenancy in everyday basis, feuhold/freehold properties (including flats) in Scotland, properties where the customer is offering only part of the title as security for the loan and properties with single skin brickwork.

Does Canada Life do Equity Release?

Yes, Canada Life Equity Release is 2.05% MER.

More to life - Flexi Choice Lite

Popular loan to value ratios of Standard Chartered later life interest only mortgages over 60, Zurich lifetime mortgages for over 60s, Leeds Building Society interest only mortgages for people over 60, Skipton Building Society retirement interest only mortgages over 60, Newcastle Building Society retirement mortgages over 70 and Progressive Building Society over 60 mortgages are 45%, 55% and 65%.

Pure Retirement - Classic Super Lite

Some of the most common LTV ratios of Liverpool Victoria help to buy for over 60s, More to life interest only mortgages for over 65 year olds, One Family mortgages for people 60 plus, Yorkshire Bank retirement mortgages over 70, Metro Bank equity release schemes for people over 70 and Axa retirement interest only mortgages over 75 are 50%, 60% and 70%.

Hodge Lifetime - Lump Sum Lifetime Mortgage

Do Canada Life do Pensioner Mortgages?

Yes, Canada Life Pensioner Mortgages are 2.14% APR.

Popular loan-to-value percentages of TSB over 60 mortgages, Barclays Bank retirement interest-only mortgages over 75, Post Office pensioner mortgages over 70s, Legal & General mortgages for over 65, Bank of Scotland later life interest-only mortgages over 60 and Nationwide interest-only retirement mortgages for over 70s are 35%, 55% and 65%.

Legal & General - Flexible Blue

Does Canada Life offer Retirement Mortgages?

Yes, Canada Life Retirement Mortgages are 2.17% MER.

Pitfalls of Canada Life Equity Release

Canada Life Equity Release can reduce the inheritance for your family. A monthly payment lifetime mortgage may impact the ability to claim benefits. You may need to pay a broker’s fee, and some products expose you to changes in interest rates.

UK Providers for Equity Release similar to Canada Life Equity Release

  • Sunlife Plans
  • Prudential Lifetime
  • Lifetime Mortgage from L&G

It’s usual to discover people looking for monthly payment lifetime mortgages, lump sum lifetime mortgages or lifetime mortgages with flexible drawdown cash release, however, Key Retirement like The Exeter Equity Release are keen to see proof of your personal situation in the form of pension statements.

Does Canada Life do Equity Release Under 55?

Yes, Canada Life Equity Release Under 55 is 2% MER.

Canada Life Equity Release percentages of your current property value examples

  • 55% home reversion plans Canada Life Equity Release
  • 50% loan to value home reversion plans Just Retirement
  • 40% loan to value lump sum lifetime mortgages Stepchange
  • 30% loan to value home reversion plans Prestige Finance
  • 55% loan to value monthly payment lifetime mortgage Together Money
  • 25% loan to value (LTV) home reversion plans Central Trust

Does Canada Life offer Lifetime Mortgages?

Yes, Canada Life does lifetime mortgages at 1.95% APR. Canada Life Lifetime Mortgages have a loan to value of 55%.

Some of the most common pensioner mortgage products include TSB interest only lifetime mortgages, Barclays over 60 mortgages, NatWest mortgages for 60 plus pensioners, Legal & General lifetime mortgages and Nationwide Building Society interest-only mortgages for people over 70.

Equity Release Rates: An In-depth Analysis

Mortgages Over 55

The mortgage landscape for individuals over 55 has expanded in recent years, offering more flexibility and options than ever before. With the rising trend of people working beyond the traditional retirement age, financial institutions have recognised the need to cater to this age group.

Canada Life Lifetime Mortgage

One of the popular options available for this age group is the lifetime mortgage. A lifetime mortgage allows homeowners to borrow a proportion of their home’s value, with the interest rolling up over time. There is no requirement to make regular repayments, and the loan is typically repaid when the property is sold or when the homeowner moves into long-term care.

Release Equity

Release equity options have gained traction among homeowners over 55. This mechanism permits homeowners to unlock the wealth tied up in their property without the need to sell or move. The funds can be used for various purposes, from supplementing retirement income to assisting family members with property purchases.

Mortgages Over 60 and Mortgages over 65

As homeowners progress into their 60s and 65s, they might find their financial needs evolving. Some might be nearing the end of their standard mortgage term, while others could be looking to release equity from their homes.

Equity Release Canada Life

Equity release products tailored for these age brackets often come with competitive interest rates and favourable terms. This allows individuals to maximise the equity from their property while ensuring they still have a comfortable place to live.

Pensioner Remortgage

For those in their 60s and beyond, pensioner remortgages provide an avenue to potentially lower monthly payments, consolidate debts, or even embark on home improvement projects.

Mortgages Over 70 and Mortgages Over 75

Mortgages designed for those aged 70 and over can be slightly different. Given that traditional mortgages might not be accessible or feasible, alternative equity release products come to the forefront.

Canada Life Retirement Remortgages

Retirement remortgages offer an opportunity to switch to a more suitable mortgage product or to release additional funds during the golden years. They can be particularly beneficial if the current mortgage deal has come to an end, or if there are better interest rates available.

Canada Life RIO Mortgage

A relatively new entrant in the mortgage space, the Retirement Interest Only (RIO) mortgage is designed for older borrowers. It works similarly to a standard interest-only mortgage but doesn’t have a set end date. Instead, it runs for the rest of the homeowner’s life or until they move into long-term care.

Equity release rates and mortgage options for older homeowners offer numerous opportunities to enhance financial well-being during retirement. Whether one is looking to tap into the equity of their home, find a better mortgage rate, or consolidate debts, there’s likely a product that fits the bill. Always consult with a financial advisor or mortgage specialist when considering these options to ensure that it aligns with individual needs and circumstances.

Does Canada Life offer retirement remortgages for over 60s?

Yes, a Canada Life retirement remortgage for retired homeowners over 60 is 3.27% MER fixed.

Does Canada Life do pensioner remortgages for over 60s?

Yes, a Canada Life pensioner remortgage for pensioners over 60 is 3% MER variable.

Does Canada Life do a later life remortgage for homeowners over 60?

Yes, Canada Life’s later life remortgages for over 60s are 3.75% MER fixed for life.

Does Canada Life offer the best remortgage for retired over 60?

Yes, Canada Life the best remortgages for over 60s are 3.14% MER fixed for life.

Does Canada Life do a remortgaging option for people over 60?

Yes, Canada Life remortgaging options for the over 60s are 3.24% APR fixed.

Does Canada Life do mortgage calculators for over 60s?

Yes, a Canada Life mortgage calculator for pensioners over 60 will show 3.18% APRC fixed for life.

Does Canada Life do an RIO mortgage over 60?

Yes, Canada Life RIO mortgages for over 60s are a 4% MER variable.

Does Canada Life do a retirement interest only mortgage for pensioners over 60?

Yes, Canada Life retirement interest only mortgages for the over 60s are 3.99% AER fixed.

Understanding Canada Life Lifetime Mortgages and Equity Release for the Over 60s and 70s in the UK

What is a Lifetime Mortgage?

A lifetime mortgage is a form of equity release scheme that allows homeowners, typically aged over 60, to unlock some of the value of their property without having to move. With this type of mortgage, the homeowner can take out a loan secured against their home, which is usually tax-free, and choose either to make repayments or let the interest roll up. The loan amount and any accrued interest are typically repaid when the homeowner dies or moves into long-term care.

The Rise of Equity Release Mortgages

Equity release mortgage products have gained traction in recent years due to the ageing population and the desire for retirees to bolster their retirement income. Equity release offers an avenue for homeowners over 70 to access funds tied up in their property. While a lifetime mortgage allows the borrower to retain home ownership, other equity release products might involve selling a portion or all of the property.

What is the Capital of Canada?

While this may seem unrelated, the capital of Canada is Ottawa. Knowledge is power, and just as understanding the basics of a country’s geography is essential, being informed about financial products is crucial, especially for those looking to make the most out of their retirement years.

Comparing Equity Release Interest Rates for mortgages over 55

When exploring equity release products, interest rates play a pivotal role. The rates can vary between providers and depend on various factors, including the age of the borrower, health conditions, and property value. As with any financial product, it’s essential to shop around, compare different offers, and consider consulting with a financial advisor.

Best Equity Release Companies and Rates for Mortgages over 60

The UK market boasts several reputable equity release companies offering competitive rates. It’s advisable to compare products from different providers to find one that suits individual needs. Remember, the best equity release rates don’t always come from the most prominent names. Sometimes, smaller specialists might offer a more attractive deal, especially if they cater to niche markets such as second home mortgages or mortgages for business purposes.

Diversifying with a Second Home with mortgages over 65

Another avenue for those considering a lifetime mortgage is the potential purchase of a second home. A mortgage on a second home can serve as an investment opportunity, offering potential rental income or simply a change of scenery for holidays. However, it’s crucial to consider the responsibilities and costs associated with owning a second property, such as maintenance, insurance, and additional tax implications.

Lifetime Mortgages versus Key Equity Release mortgages over 75

The terms “lifetime mortgage” and “key equity release” are sometimes used interchangeably, but they can represent different products. Lifetime mortgages are a subset of equity release products, with the key difference being homeowners’ ability to retain ownership of their property. With key equity release products, the homeowner might have to sell part or all of their property to the provider, depending on the agreed terms.

Navigating the World of Equity Release and Retirement

Equity release can be a valuable tool for retirees in the UK, offering a way to access funds tied up in property. With a myriad of products available, from lifetime mortgages to key equity release schemes, understanding the nuances and differences between each can help homeowners make informed decisions. Seeking professional advice, comparing offers, and thoroughly understanding terms and conditions are essential steps in navigating the world of equity release.