Compare UK Equity Release Providers

You must be 55+ to qualify for Equity Release.
  • Independent UK Equity Release comparison service
  • Release up to £500,000 TAX FREE - Equity release is, in a nutshell, a way to unlock the value of your property and turn it into cash which lets you access – or 'release' – the equity (cash) tied up in your home, if you're 55+.
  • Get your free quotes and compare options from leading Equity Release companies.

Canada Life Equity Release Review

Equity release provides people aged 55 and above the option of accessing the equity (value in terms of cash) tied to their homes. The equity can either be given as several small amounts, a lump sum, or a combination of both. You can receive a free no-obligation assessment of your home by filling in the quotation form above with your correct information.

To compare Equity Release providers click here and complete the short form.

Canada Life Equity Release Products

Canada Life is an equity release provider offering equity to customers in terms of lifetime mortgages. With lifetime mortgages, you will receive cash on the value of your home but still retain its ownership. The loan amount and the interest accrued are recovered after you die or move into long-term care.

Below are the main lifetime mortgage products offered by Canada Life:

Lifestyle Options

Lifestyle options allow you to get equity as a one-off cash amount with no periodic interest payments required. The interest accrued is rolled over and added to the mortgage balance for each month.

The main features of this option include:

  • Fixed early repayment charges for the first eight years, after which there are no extra charges.
  • Inheritance guarantee allows the exclusion of part of the property’s equity from the deal, ensuring something is left for your beneficiaries.
  • The cash reserve option allows you to withdraw the cash in bits without additional interest or need for financial advice.

Interest Select Options

Unlike the traditional lifetime mortgages where the interest is rolled up onto the loan, interest select options allow you to pay all or some of your interest before then end of the loan period. This helps you manage your interest balance by removing or reducing the impact of interest rolling up on your loan.

Interest select options allow you to:

  • Pay between 50% and 100% on the interest accrued each month.
  • Select the period you will pay the interest, from 5 years to the full life of the loan.
  • Stop the payment of interests and roll the rest up into the total loan amount.

Capital Select Options

Capital select options give you flexibility on your lifetime mortgage by letting you make partial payments on the loan amount without incurring an early repayment charge. You will decide whether you want to make the voluntary payments, the amount, and their frequency.

With Capital Select Options, you can:

  • Pay up to 10% of the initial loan amount each year without penalties.
  • Make as many voluntary payments as you want each year starting from £50.
  • Make payments by cheque, debit card, standing order or BACs transfer.

Second Home Lifestyle

The Second Home Lifestyle options allow you to take equity on your second loan, which is not possible with a regular lifetime mortgage. Interest is rolled over and added to the total loan amount, to be paid upon death or movement to a lifetime care facility. The equity is given in the form of a tax-free one-off lump sum.

To meet the criteria, your second home should:

  • Be available for your sole occupancy
  • Be let out for not more than four weeks at a time if it let out at all.
  • Be used by the homeowner for more than four weeks each year.

Second Home Voluntary Select

The Second Voluntary Select is like the Second Home Lifestyle option, allowing you to get equity from your second home. The only difference is that for the voluntary select option, you are allowed to make voluntary payments without incurring early repayment charges.

With this option:

  • You will renew your yearly voluntary rates on the anniversary of the completion date.
  • You can choose not to make any payments for a given year without incurring any penalties.
  • You can also choose to make voluntary contributions on additional borrowing.

Before deciding on any of the lifetime mortgages above, be sure to consult with your financial advisor to make sure it is the right choice for you. If you have any inquiries on Canada Life Equity Release products, you will be connected to a broker approved by FCA who will answer any of your questions.

To compare Equity Release providers click here and complete the short form.