Canada Life has announced rate cuts on its BTL products as well as a maximum LTV increase on its BTL and second home products.
The annualised rate for the firm’s BTL Lifestyle product has been chopped from 6.16 per cent to 5.78 per cent and the BTL Voluntary Select rate from 6.36 per cent to 5.98 per cent.
Additionally, landlords and homeowners aged 55 will now be able to access a maximum LTV of 19 per cent, those aged 70 a maximum of 34 per cent, and 44 per cent for borrowers aged 80. Lending is allowed for those aged up to 90.
Canada Life Home Finance head of marketing and communications Alice Watson says: “Our customer data shows that people use our BTL products for a range of reasons, from increasing their retirement income to paying for care fees.
“Landlords aged 55 and over can experience real peace of mind, knowing that there are no affordability assessments, no minimum income requirements and a fixed interest rate for life.”
“Regular market innovation has seen the number of later life lending products more than double in the space of a year. This has given property owners the flexibility to tap into their property wealth just as easily as their pension pot or savings, helping bring it into mainstream financial planning.”