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.
About Canada Life
Canada Life is part of the Great-West Lifeco group, one of the world's largest life insurance companies. The company has a long history in the UK market and offers equity release products through its UK division. Canada Life provides lifetime mortgages for homeowners aged 55 and over, backed by the financial strength of its parent group.
Canada Life's equity release products offer competitive rates and flexible features including drawdown facilities and inheritance protection options. The company works exclusively through qualified financial advisers who can provide regulated equity release advice. Canada Life is a member of the Equity Release Council.
Canada Life brings the stability of a major international insurer to the UK equity release market. The company is regulated by the FCA and has built a strong presence in the later-life lending sector.
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. View rates on Canada Life
| Product | Initial Rate | Type | Initial Term | Revert Rate |
|---|---|---|---|---|
| 2 Year Fixed | TBC | Fixed | 24 months | TBC |
| 5 Year Fixed | TBC | Fixed | 60 months | TBC |
| Tracker | TBC | Variable | 24 months | TBC |
Application 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?
Canada Life is backed by Great-West Lifeco, one of the world's largest financial services groups. They are a member of the Equity Release Council with a no-negative-equity guarantee.
What is the minimum age for Canada Life equity release?
Canada Life typically requires applicants to be aged 55 or over for their equity release products.
Does Canada Life offer drawdown equity release?
Yes, Canada Life offers both lump sum and drawdown lifetime mortgage options, allowing you to access funds as needed over time.
What is Canada Life's maximum LTV for equity release?
Canada Life offers up to 50% LTV on equity release products, with the exact amount depending on your age — older applicants may qualify for higher percentages.
How to Apply
Broker only. Canada Life products are available through mortgage brokers. Find a broker with Canada Life on their panel.
Similar Lenders
View all lenders| Name | Niches | Type | Max LTV |
|---|---|---|---|
| Hodge | Buy-to-Let, Commercial, Equity Release | Specialist | 75% |
| LiveMore Capital | Residential, Equity Release | Specialist | 65% |
| Pure Retirement | Equity Release | Specialist | 55% |
| 4SYTE | Commercial, Bridging, Limited Company | Specialist | 75% |
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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.
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