Canada Life has reduced product rates on offerings within its Capital Select Options range for home finance customers.

Within this range, rates have been cut by up to 0.1% on its Super Lite and Platinum options.

In addition, the lender has increased its maximum LTV on its Super Lite and Platinum options by between 0.5% and 2%.

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Furthermore, the firm has also reduced interest rates across its Lifestyle range, with Lifestyle Lite products dropping by 0.1% to its lowest ever rate at 2.55% MER (2.58% AER).

Canada Life’s lifestyle options are interest roll-up lifetime mortgages, allowing customers to unlock a one-off, tax-free payment from their home with no monthly payments.

Alice Watson, head of marketing, Insurance, Canada Life, said: “Given the events of the last six months, we are 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.”