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0800 028 3142

Canada Life Lifestyle Platinum 3% Cashback

Lifestyle Platinum 3% Cashback
or Get smartER
Free Valuation
Free Unlimited Valuation
Drawdown Facility Option*
8 Year Fixed Early Repayment Charges
Inheritance Guarantee
Higher LTV's

Canada Life entered the equity release industry following the acquisition of Retirement Advantage in 2018. Previously, Retirement Advantage were formed by a re-branding of MGM Advantage, following the purchase of former equity release lender called Stonehaven Equity Release.

Canada Life's Lifestyle range of products comprises of products that fall into five tiers of plans, all of which function as lump sum products. These plans are put into their tiers based on their loan-to-value and cashback ratios. The Platinum Cashback option offered by Canada Life offers the maximum equity release of the Lifestyle range of products and uses the cashback feature to enhance the maximum loan-to-value figures.

To be eligible for the Platinum Cashback product, the homeowner must be between the ages of 60 and 90. The product is also available on a joint basis, in which case the youngest borrower must be no older than 90.

For the property to be eligible it must be the main residence for the borrower and must be located in England, Scotland or Wales. It must also have a property valuation that is between £70,000 and £6 million, though consideration is still given to those properties with a valuation higher than £6 million. This product offers equity releases ranging from £10,000 to a maximum £1 million.

There are a number of features offered with this Canada Life product. The Platinum Cashback product allows for an initial tax-free lump sum cash release that can be used immediately by the homeowner. There is a no negative equity guarantee that comes standard with this product, based on Canada Life being a member of the Equity Release Council. This means that if the full loan is not satisfied by the eventual sale of the property, the homeowner’s estate is not held responsible for making up the difference.

There are also favourable fixed early repayment charges with this product. This means that for 8 years following completion, the charges are known. The charge is 5% for the first 5 years of the loan. The charge then goes down to 3% for the next three years. By year 9, there are no early repayment charges incurred by the homeowner.

There is additional borrowing available with this product as well as a cash reserve facility. The minimum amount that can be borrowed is £4,000.

The plans offered by Canada Life have a range of cashback options, usually with a fixed amount of £1,000. The Platinum Cashback plan offers an enhancement to this. It essentially enhances the Lifestyle Platinum plan so as to ensure the highest release amount in the marketplace. The 3% cashback amount is unlimited and provides an additional cash boost to already generously high loan-to-values.

This Canada Life product is ideal for the homeowner who wants to gain a maximum lump sum from their equity release as possible. The cashback option is exceptionally generous and allows for one of the largest equity release on the marketplace. Furthermore, this product is ideal for the homeowner who is not concerned with interest roll-up and its effects, since there are no regular payments due against the loan.

Call the Compare Equity Release team on 0800 678 5169 for further details, or to request a quote on the Canada Life Platinum Cashback plan.