Canada Life has launched lifestyle select options, a range which allows repayment contributions on equity release mortgages of up to 10 per cent of the initial loan amount each year.
The lender is also offering rate reductions of up to 0.04 per cent, across the range, effective immediately.
The lifestyle select product range allows tax-free draw down, with interest-roll up or overpayments and a cash reserve facility.
The lifestyle select lite is offered at 2.66 per cent, down from 2.7 per cent, the select gold at 2.82 per cent and the lifestyle select gold plus is now at 3.2 per cent.
The lender said: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of lifestyle select options.”
All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
