Canada Life
Specialist LenderCanada Life is a major international financial services company offering equity release products in the UK market. Backed by the strength of the Great-West Lifeco group, they provide lifetime mortgages with competitive rates and flexible features for homeowners aged 55 and over.
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Lending Focus
Canada Life offers mortgage products across 1 categories including Equity Release.
Key Features
- Equity release from a major international financial services group
- Competitive lifetime mortgage rates
- Flexible drawdown and lump sum options
- Backed by Great-West Lifeco with strong financial rating
- Equity Release Council member with full consumer protections
Pros & Cons
Pros
- Backed by Great-West Lifeco — one of the world's largest financial groups
- Competitive lifetime mortgage rates from a major insurer
- Flexible drawdown and lump sum options
- Equity Release Council member with full consumer protections
Cons
- –Adviser-only — must use a qualified equity release adviser
- –Maximum 50% LTV is lower than some equity release competitors
- –Equity release only — no standard mortgage products
Fees & Charges
Arrangement Fee
Typically £595 — varies by product
Valuation Fee
Often free for standard properties; based on value otherwise
Early Repayment Charge
May apply in early years — typically a fixed percentage reducing over time
Overpayment Allowance
Some plans allow voluntary interest payments to reduce balance
Mortgage Rates
Rate data coming soon
We're working on adding live mortgage rate information for Canada Life. In the meantime, visit their website for the latest rates.
View rates on Canada LifeApplication Process
Processing Time
4–8 weeks from application to completion
Online DIP
No — via broker or branch
Offer Valid For
6 months
Lending Criteria
Maximum LTV
50%
Frequently Asked Questions
Is Canada Life a safe choice for equity release?
What is the minimum age for Canada Life equity release?
Does Canada Life offer drawdown equity release?
What is Canada Life's maximum LTV for equity release?
How to Apply
Broker Only
Canada Life products are only available through mortgage brokers. Use our broker directory to find a broker with Canada Life on their lender panel.
Contact Information
Need a Canada Life Broker?
Find FCA-regulated mortgage brokers who have Canada Life on their lender panel.
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Important: Your home may be repossessed if you do not keep up repayments on your mortgage. Information on this page is for general guidance only and does not constitute financial advice. Always verify lender details directly and seek independent advice before making financial decisions.