"Expanding our LTVs to cover those aged 55-59 will also allow us to provide options to younger customers who are looking to access their equity"
The Lifestyle Select product range allows customers the freedom to unlock tax-free cash from their home with the option to let interest roll-up or to voluntarily repay up to 10% of the initial loan amount each year. Customers will also have the flexibility to hold funds in a cash reserve facility.
Lifestyle Select Ultra Lite rates start from 2.65% and Super Lite rates from 2.69%.
The provider is also opening Lifestyle Select Gold Plus to customers aged 55-59 and decreasing interest rates on its existing product range.
Alice Watson, head of marketing at Canada Life, said: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of two new Lifestyle Select Options. Expanding our LTVs to cover those aged 55-59 will also allow us to provide options to younger customers who are looking to access their equity to boost their retirement income or perhaps make necessary improvements to their home or garden.
“As with all our lifetime mortgages, this product range allows people to continue living in their homes, while releasing the money tied up in their property. The potential unlocked capital can help retirement plans, pay for home improvements or even help fund lifestyles.”