Canada Life has cut rates to its Capital Select range of products while increasing their LTVs.

The largest cuts occur at Capital Select Life and Capital Select Gold Plus, the rates for which have been reduced by 0.60 per cent – from 3.89 per cent to 3.29 per cent and 4.99 per cent to 4.39 per cent, respectively.

The lowest cut within this range is 0.40 per cent, where the Capital Select Gold product has seen its rate cut from 4.19 per cent to 3.79 per cent.

Further cuts include the Lifestyle Lite and Gold options being cut by 0.16 per cent and 0.13 per cent.

Additionally, the LTV maximum now reaches 28 per cent at age 70 for the Capital Select Super Lite product.

Canada Life head of marketing, insurance Alice Watson says: “The flexibility and certainty offered by the Capital Select Options range gives customers real peace of mind, while the cashback option is a means of support that can be put towards legal and adviser fees. Meanwhile, our Lifestyle Options are particularly popular with people who do not want to make regular repayments.

“As with all our lifetime mortgage products, both of these ranges allow 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.”