Interest rates for the lender’s buy to let and second home Lifestyle and Voluntary Select products have reduced from 6.16 per cent and 6.36 per cent to 5.78 per cent and 5.98 per cent respectively.
Landlords and property owners over 55 can see a five per cent increase to the maximum LTV for Canada Life’s buy-to-let and second home products.
The LTV for customers aged 55 will rise to 19 per cent, while those aged 70 will be able to apply for a maximum of 34 per cent, which increases to 44 per cent for customers aged 80 and over.
Canada Life Home Finance head of marketing and communications Alice Watson said: “We know that property wealth increasingly plays a key role in supporting homeowners’ retirement lifestyles.
“Our customer data shows that people use our buy-to-let products for a range of reasons, from increasing their retirement income to paying for care fees.”
She added: “Regular market innovation has seen the number of later life lending products more than double in the space of a year.
“This has given property owners the flexibility to tap into their property wealth just as easily as their pension pot or savings, helping bring it into mainstream financial planning.”