Canada Life has cut the rates on four of its lifetime mortgages products by 25 basis points.

The quintet are Interest Select Gold, Interest Select Platinum, Voluntary Select Gold and Voluntary Select Platinum.

Interest Select Gold’s rate has been cut to 5.24%, Interest Select Platinum’s has been cut to 5.74%, Voluntary Select Gold to 5.44% and Voluntary Select Platinum to 6.04%.

Products in the Interest Select Options range allow customers the ability to pay either some, or all, of the interest, for between five years and the total life of the loan. They also allow customers the opportunity to stop the interest payments and convert the loan to interest roll-up.

The Voluntary Select Options range allows customers to make voluntary payments of up to 15% of the initial loan amount each year, without incurring an early repayment charge. It offers customers the opportunity to decide when they want to make payments, how much they’d like to pay and how often.

All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.

Alice Watson, head of marketing and communications at Canada Life Home Finance, said: “Canada Life Home Finance is committed to offering flexible products which meet the needs of customers in later life, keeping them in control of their finances. Our competitive rates on these four products will help make them more accessible, allowing even more people to unlock the value of their property.

“The Voluntary Select range offers market leading flexibility to borrowers and is popular with customers who prefer making ad hoc payments, as and when they wish. The Interest Select range allows customers to make fixed monthly payments by direct debit, making it a popular choice with customers who would like to make regular, set amounts.

“All these products allow customers to draw on the value of their property, whilst remaining in it, and tailor their repayments to their own individual circumstances.”