Aviva Equity Release Jan 2022
Aviva Lifetime Mortgage Review
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Aviva Equity Release? What are the Pros, Cons & Costs? Discover If Aviva Lifetime Mortgage Schemes are for You.
Before You Start Reading...
Let's See How Much You Can Release 👇
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release provider with all the choices available.
Or is it?
Is Aviva equity release the best?
The companies we profile, are the best in the business to help you unlock the cash tied into your home.
- Understand the services that Aviva offers.
- Determine if they might be able to assist you and your family on your equity release journey.
As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.
What’s Equity Release?
An equity release mortgage (See What’s Equity Release?) is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. We’ve summed up the most important information about the topic in this quick video.
Who Are Aviva?
What About the Aviva Equity Release Calculator?
Before you consider using the Aviva calculator, please take note.
Our providers can almost always match & BEAT any existing equity release quote that you find through Aviva. So first use this calculator below & see how much you can release.
How Much Can You Release?
Use the FREE Calculator 👇
It's VERY FAST and, takes just 8 seconds
Why Consider Aviva?
Unlock more value from your home with Aviva Equity Release and enjoy a tax-free boost to your financial freedom.
By choosing Aviva you join the company of over 200 000 homeowners who since 1998 released over £7billion in equity. With health and lifestyle considered these homeowners continue to enjoy award winning service and range of flexible drawdown lifetime mortgage and lump sum plans.
As the largest name in equity release, Aviva knows what it takes to make the most of your retirement.
Take a moment and consider yours.
Aviva’s Reviews & Ratings
Aviva’s Online Reviews
Aviva has a 4.7 rating on TrustPilot, making them a favourable equity release option.
Aviva’s Online Ratings
Aviva Pros & Cons
Aviva’s Pros
- Credible insurance company and a market leader.
- Award-winning service – regular features at the Personal Finance & What Mortgage Awards.
- Equity Release Council Member.
- Lump-sum plan, drawdown, or regular monthly payment plans.
- User-friendly website – including an easy-to-use online equity release calculator.
- No negative equity guarantee.
- Flexible withdrawal and repayment options.
- Tailored interest rates.
Aviva’s Cons
- £15,000 minimum equity – most other lenders have set this amount to £10,000.
- Lengthy application process – can take up to 12 weeks.
- Plans could impact your tax and welfare benefits.
- Fixed interest rates, – interest compounded annually.
Aviva’s Qualification Criteria
- Minimum Amount of Equity Offered: £15,000
- Maximum Amount of Equity Offered: No limit specification
- Minimum Age Limit: 55 years
- Maximum Age Limit: 80 years
- Property Minimum Value: £75,000 (It can’t be unoccupied for more than six months)
- Property Condition: Freehold (Aviva will accept a property if 160 years are remaining on the lease)
- Property Types: Houses, flats and maisonettes. They’ll consider 85% of the valuation of flats and maisonettes to calculate your borrowing potential.
Aviva's Equity Release Plans & Lifetime Mortgage Schemes
The company offers 2 lifetime mortgage plans, both options allowing you to remain in your residence until you (and your partner) pass on or move into long-term care.
They include:
- Lifetime Lump Sum Max
- Aviva Flexible Plan
The Lifetime Lump Sum Max Plan enables you to unlock a one-off cash lump sum, starting at £15,000.
The Aviva Flexible Plan, on the other hand, offers you a single lump sum and a drawdown option. In other words, you borrow an initial amount, and then set up a cash reserve to draw money from.
Aviva Lifestyle Flexible Schemes
The Aviva Flexible Plan offers you a single lump sum and a drawdown option. In other words, you borrow an initial amount, and then set up a cash reserve to draw money from.
Aviva Lifestyle Lump Sum Max Schemes
The Lifetime Lump Sum Max Plan enables you to unlock a one-off cash lump sum, starting at £15,000. It’s for homeowners seeking a larger equity release lump sum than the drawdown variant. With these plans, there’s no option for drawdown.
Aviva’s Other Services
Investment accounts, stocks, and shares ISAs.
| Product Name | Type | Interest Rate The interest rate is the cost of borrowing the principal. | APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. |
|---|---|---|---|
| Aviva Lifestyle Flexible | Fixed | 2.82% | 2.9% |
| Aviva Lifestyle Flexible Enhanced - Cashback £1000 | Fixed | 3.02% | 3.2% |
| Aviva Lifestyle Flexible Enhanced - Cashback £1000 | Fixed | 3.02% | 3.1% |
| Aviva Lifestyle Flexible Enhanced - Cashback £500 | Fixed | 2.94% | 3% |
| Aviva Lifestyle Flexible Enhanced - Cashback £500 | Fixed | 2.94% | 3% |
| Aviva Lifestyle Flexible Enhanced | Fixed | 2.82% | 2.9% |
| Aviva Lifestyle Flexible Enhanced | Fixed | 2.82% | 2.9% |
| Aviva Lifestyle Flexible Option - Cashback £1000 | Fixed | 3.08% | 3.2% |
| Aviva Lifestyle Flexible Option - Cashback £1000 | Fixed | 3.02% | 3.1% |
| Aviva Lifestyle Flexible Option - Cashback £500 | Fixed | 2.85% | 3.1% |
| Aviva Lifestyle Flexible Option - Cashback £500 | Fixed | 3% | 3.1% |
| Aviva Lifestyle Flexible Option | Fixed | 2.66% | 2.9% |
| Aviva Lifestyle Flexible Option | Fixed | 2.82% | 2.9% |
| Aviva Lifestyle Flexible Option | Fixed | 2.82% | 2.9% |
| Aviva Lifestyle Lump Sum Max - Cashback £1000 | Fixed | 4.29% | 4.3% |
| Aviva Lifestyle Lump Sum Max - Cashback £500 | Fixed | 4.19% | 4.2% |
| Aviva Lifestyle Lump Sum Max | Fixed | 4.03% | 4.1% |
| Product Name | Type | Interest Rate The interest rate is the cost of borrowing the principal. | APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. |
Not what you're looking for?
Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!
Learn More About Aviva
Insurance or investment firm Aviva offers car, home, life, and health insurance, as well as investments, pensions, and retirement plans.
Aviva has facilitated the discharge of £7 billion in funds since 1998, dealing with over 200 000 clients. They’ve won several awards along the way, including the Best Equity Release Lender in 2020.
The following are some of Aviva’s primary services:
- Inheritance guarantee services
- Voluntary partial repayments
- Enhanced borrowing if you have certain medical conditions
- Downsizing protection services
- Relaxed lending services
FCA Details
FCA Address
Wellington Row
York
North Yorkshire
YO90 1WRY O 9 0 1 W R
UNITED KINGDOM
Trading Names
- Aviva Equity Release UK Limited
- Norwich Union Equity Release Limited
FCA Permitted Services
- Mortgages & home finance
- Consumer credit
- Investments
- Other activities
Regulators
- Financial Conduct Authority
- Financial Services Authority
Registration Numbers
- FCA Ref Number: 310433
- FCA Reg Number: 03286484
Companies House Link
Aviva Info
- Wellington Row, York YO1 6FZ
- 0800 206 2023
- helpdesk@aviva.co.uk
Got Questions About Aviva & Lifetime Mortgages?
Is Aviva A Member of the Equity Release Council?
What Are Aviva's Interest Rates?
Who Owns Aviva ?
Where is Aviva Located?
Conclusion
Before You Go...
Let's See How Much You Can Release 👇
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
