Canada Life has added two new products to its lifetime mortgages selection, the Lifestyle Select Ultra Lite and the Lifestyle Select Super Lite.

As well as this, it has made its Lifestyle Select Gold Plus available to borrowers aged 55 to 59 and lowered rates across its range.

The Lifestyle Select Ultra Life – standard and flexible – has an annual equivalent (AER) interest rate of 2.68% and a monthly equivalent rate (MER) of 2.65%.

The Lifestyle Select Super Lite, also available as standard and flexible, has an AER of 2.72% and an MER at 2.69%.

For the Lifestyle Select Gold Plus for borrowers aged 55 to 59, the available LTV starts at 21% at the lower age and increments by 1 percentage point sequentially until aged 59, which is set at 25%.

Canada Life head of marketing, insurance Alice Watson says: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of two new Lifestyle Select Options.

“Expanding our LTVs to cover those aged 55 to 59 will also allow us to provide options to younger customers who are looking to access their equity to boost their retirement income or perhaps make necessary improvements to their home or garden.

“As with all our lifetime mortgages, this product range allows people to continue living in their homes, while releasing the money tied up in their property. The potential unlocked capital can help retirement plans, pay for home improvements or even help fund lifestyles.”