Canada Life has cut rates on a number of its lifetime mortgage products by 0.10 per cent as well as having upped some LTVs.

Specifically, the Capital Select Super Lite rate has been reduced from 3.09 per cent to 2.99 per cent and the Platinum from 4.99 per cent to 4.89 per cent.

Additionally, all LTVs in the range have been increased by up to 2 per cent.

This means that the LTV for the Super Lite has gone from 28 per cent to 29.5 per cent (both for a 70 year old) and the Gold Plus from 38 per cent to 40 per cent – again, for a 70 year old.

The lender has also cut 0.10 per cent from its Lifestyle range of products, with one highlight being the Lifestyle Lite now coming in at 2.55 per cent.

Canada Life head of marketing, insurance Alice Watson says: “Given the events of the last six months, we’re pleased to be able to make these enhancements to both our Capital Select and Lifestyle Options.

“Customers need flexibility and certainty now more than ever before, and these products allow them to continue living in their homes, while releasing the money tied up in their property, whether that be to cover any unexpected costs, boost their retirement income or even fund home improvements.”