Canada Life Home Finance have launched a new mortgage for borrowers over age 60 to help unlock equity in property.
The new lifetime mortgage product is designed to allow borrowers to unlock more of their equity and make payments as frequently as they like from as little as £50 pm up to a maximum of 10% of the initial loan annually without incurring charges.
“At Canada Life, we’re committed to offering customers more flexibility in the home finance market. Our popular Capital Select Options range offers homeowners the chance to tap into their property value, while retaining the flexibility to pay back some of the loan without incurring early repayment charges if they wish to reduce the impact of interest roll-up.
“The addition of the Platinum Plus product to our Capital Select Options range gives homeowners aged 60 and over the freedom to enjoy more of the wealth built up in their property”.
Alice Watson, head of marketing and communications at Canada Life Home Finance, said:
With a higher LTV than our other products, Platinum Plus allows homeowners to draw on more of their wealth – whether that goes towards topping up their retirement income, or helping them to clear an outstanding interest-only mortgage.
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