Canada Life Equity Release Reviews (Updated 2022)

Do You Want to Access Property With Equity Release From Canada Life?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Canada Life Equity Release to Fund Your Retirement? Learn About the the Pros, Cons, Fees, Interest Rates & Plans on Offer. Find Out Here if Canada Life Equity Release Is the Best for You.

Could you be next to take out a Canada Life equity release plan?

The equity release market is booming! 

Older homeowners have released an average of £111,500 in property wealth in the first quarter of this year alone. 

As experts in our field, we discuss the following in this article:

    Canada Life is a trusted provider of financial services. Our experts combed through data from over 200 companies to bring you the most comprehensive perspective. 

    Does Canada Life have a plan for you? 

    Let’s find out! 

    Before You Start Reading….

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    Who’s Canada Life

    Canda Life is an insurance and financial services company providing financial security to its customers for over 170 years. 

    Founded in 1847, it has stood the test of time. Servicing over 3.5 million people in Canada, the United Kingdom, Isle of Man and Germany.

    With a range of retirement, wealth management and insurance products to choose from, it caters for businesses, families and individuals alike.

    What Equity Release Products Does Canada Life Offer?

    The equity release products offered by Canada Life are a lifetime mortgage and a buy-to-let mortgage. 

    You can use its mortgage products to access cash from your primary residence, second home, or buy-to-let. 

    The amount you can borrow comes with a certain amount of flexibility and the option to make repayments every year without any early repayment fees.

    Its product range includes Capital Select, Lifestyle Select and Second Home options. 

    Let’s take a closer look at these. 

    Capital Select Options

    The Capital Select Option from Canada Life is an interest-roll-up lifetime mortgage that allows yearly voluntary repayments.

    The youngest borrower must be 55 or older except on the Platinum Plus option, which requires a minimum age of 60. 

    You can pay up to 10% of the initial loan amount each year voluntarily. These payments can be as little as £50 and can be made anytime and as often as you’d like. 

    Capital Select Option in a nutshell:

    • Repay up to 10% of your loan yearly.
    • Access money at a later stage via a cash reserve. 
    • 3% cashback option.
    • Downsizing protection.
    • Early Repayment waiver. 

    The Capital Select product features include:

    • Retain full ownership of your home.
    • No threat of repossession.
    • Fixed interest rates.
    • Inheritance protection.
    • Option to port to another property.
    • No negative equity guarantee.

    Lifestyle Select Options

    Canada Life’s Lifestyle Select options enable you to release tax-free cash from the value of your home up to a maximum of £1 million. 

    You’ll have the flexibility to make yearly repayments of up to 10% of the original loan, and you’re entitled to spend the money you release however you wish. 

    To qualify, the youngest borrowers must be 55. 

    Unlike the Classic Select options, this scheme doesn’t offer downsizing protection, cashback or early repayment waivers. 

    Lifestyle Select option in a nutshell:

    • Repay up to 10% of your capital loan each year. 
    • Possibility to access money later by adding a cash reserve. 
    • Inheritance protection guarantee.
    • Fixed early repayment charges. 

    The Lifestyle Select product features include:

    • Retain full ownership of your home.
    • No threat of repossession.
    • Fixed interest rates.
    • Inheritance protection.
    • Option to port to another property.
    • No negative equity guarantee.

    What Are Canada Life’s Equity Release Interest Rates?

    Canada Life’s equity release interest rates start from 4.50% to 6.80% AER on its Capital Select options, while on its Lifestyle Select options, they range from 3.78% to 5.17% AER. 

    The final interest rates will be determined by your chosen plan, age, and LTV.

    Canada Life Fees

    Canada Life charges valuation, completion, legal and porting fees, to name a few. 

    Here’s the complete list of fees:

    Interest Rates

    Interest rates will vary depending on the product you opt for and your circumstances, age and property value. 

    Valuation Fees 

    Valuation report costs are payable on further advanced and porting applications and any circumstances that require a property valuation. 

    The fees start from £135 and can exceed £900, depending on the estimated value of your property. 

    Completion Fees

    A £650 fee covers the legal costs incurred by the provider and any telegraphic transfer fees.

    Legal Fees 

    Canada Life covers the cost of standard legal fees; however, certain situations may incur additional fees.

    These typically involve unregistered or leasehold properties or properties to be purchased.

    The fees start at around £30 + VAT and can go up to £85 + VAT. 

    You’ll also be responsible for paying for your legal fees. 

    Equity Release Council1 member fees normally start from about £799 + VAT. 

    Additional Borrowing

    If you’re eligible and decide to take a further advance following the completion of your initial loan, you could be liable for additional valuation fees and further advance completion fees from £420 upwards. 

    Porting Fees

    Should you decide to move home and transfer your existing mortgage to your new home, you’d be required to complete a new application. 

    This means paying all the corresponding fees, including valuation, completion and legal fees. 

    Changes in Borrowers

    Should your circumstances change requiring you to add or remove borrowers from the contract, you could be liable to pay a £550 fee. 

    Administration Fees

    Any changes to your contract could attract a £100 additional fee. 

    Full or Partial Repayment Fees

    Your loan can be repaid in full, or in part, at any time, however, some circumstances may incur early repayment charges. 

    Repossession Charges

    Upon Canada Life deciding to seize your property, you’d be responsible for paying the legal fees associated with your case. These charges are determined on a case by case basis. 

    Does Canada Life Have an Equity Release Calculator?

    Yes, Canada Life does have an equity release calculator that can help you determine how much of the value you might be able to release from your home. 

    The calculator generates the maximum amount that you could potentially borrow based on your youngest borrower’s age and the value of your property.

    Additionally, the calculator will let you specify whether your property is a primary residence, second home or a buy to let and whether you would like a drawdown facility on your loan. 

    Before You Start Reading….

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    Canada Life Reviews

    Canda Life has been awarded a mediocre 2.5 out of 5 stars based on 32 Trustpilot2 reviews. 

    Canada Life Complaints

    It’s possible to make a complaint about Canada Life in writing, by letter, fax or e-mail, verbally on the telephone or in person.

    If your complaint is straightforward, customer services will endeavour to resolve your concern within 3 working days. 

    If the complaint is more complex or severe, the customer services team will aim to conclude the investigation within eight weeks.

    If a complaint can’t be resolved before the regulatory deadline, it’ll be referred to:

    • Financial Ombudsman3
    • The Pensions Ombudsman4
    • Financial Services Ombudsman Scheme5
    • Financial Services and Pensions Ombudsman6

    Canada Life Jobs

    Canada life jobs are often advertised on its website. 

    Voted as one of Canada’s top 100 employers in 2022, its jobs are in demand. 

    You could join its team in one of the following roles:

    • Accounting.
    • Actuarial.
    • Administrative.
    • Customer Service.
    • Digital Hub.
    • Finance and Investment.
    • Human Resources.
    • Technology.
    • Insurance.
    • Legal.
    • Brand, Marketing & Measurement.
    • Project Management.
    • Sales & Business Development.

    Canada Life Contact Number

    Canada Life’s customer services can be contacted on 0800 068 0212 or +44 1707 651 122.

    It’s open Monday to Friday from 9 am to 5 pm.

    How Did We Review Canada Life?

    We are not affiliated, associated, endorsed, or otherwise connected with Canada Life and can offer you an unbiased opinion.

    Our dedicated research team has scrolled through hundreds of online reviews and information pages and consolidated all of their findings into this article for your benefit.

    Common Questions

    Is Canada Life a Member of the Equity Release Council?

    Who Owns Canada Life?

    Does Canada Life Do Equity Release?

    Is Canada Life Equity Release Safe?

    In Conclusion

    Canada Life is a well-established company that can offer you the additional protection of the Equity Release Council. 

    Although the above information is comprehensive and the result of exhaustive research, we still recommend meeting with an unaffiliated equity release specialist.

    They will examine equity release options from across the market to determine which option is the best for you. 

    Before You Go…

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    Editorial Note: This content has been independently collected by the EveryInvestor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.