Canada Life has launched a new equity release product range called Lifestyle Select Options. 

The financial services group says these options allow repayment contributions of up to 10% of the initial loan amount each year, with any contributions being exempt from early repayment charges. 

It adds this range allows customers to loan cash against their home with the option to let interest roll up or to make overpayments. 

The group says customers will have the flexibility to hold funds in a cash reserve facility. 

The range launches with selected rate cuts of up to 4 basis points.

This includes Lifestyle Select Lite at 2.66% monthly equivalent rate and Lifestyle Select Lite at 2.82% MER. 

The group also offers Lifestyle Select Gold Plus at 3.20% MER, although the rate on this product has not been cut.

The range also features free valuations with no cap, eight-year fixed early repayment charges and an optional inheritance guarantee.

The group says: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of Lifestyle Select Options. 

“By giving customers the choice of whether or not to make repayments we can ensure our products meet their needs while providing valuable peace of mind.

“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.”

In April, Canada Life appointed Lindsey Rix as UK chief executive following the departure of Doug Brown towards the end of last year.

Rix had been Aviva UK savings and retirement chief executive since the start of 2020.