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Aviva Equity Release Review
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?
As experts in the equity release field (we’ve reviewed over 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 & How Does It Work?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage 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. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: What’s Equity Release & How Does It Work?
What About the Aviva Equity Release Calculator?
Before you consider using the Aviva equity release calculator, please take note.
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About the providers we compare
Most popular reasons for releasing equity
Aviva’s Reviews & Ratings
Aviva’s Online Reviews
Online reviews for Aviva are generally average with some users complaining about poor customer service levels, bad communication and lengthy waiting times throughout the administrative process. Some reviewers have noted a lack of competitiveness in the company’s pricing. Reviewers on Feefo have given much better scores however, pleased with the ease and responsiveness of the company’s website as well as a helpful, friendly customer service experience.
Although, there will always be a few disgruntled customers it’s interesting to note that Aviva have won several awards in the equity release docket including the Best Equity Release Lender in 2020, making it a favourable option in 2021.
Aviva’s Online Ratings
Aviva Pros & Cons
- They’re a credible insurance company and a market leader.
- You’re receiving award-winning service. Aviva regularly features at the Personal Finance & What Mortgage Awards.
- They’re members of the Equity Release Council.
- You can select from a lump-sum plan, drawdown, or regular monthly payments.
- Their website is user friendly, including an easy-to-use online equity release calculator.
- All plans include a no negative equity guarantee.
- You’ll be spoilt with flexible withdrawal and repayment options.
- Interest rates are tailored to your individual circumstances.
- The minimum amount you can borrow is £15,000. Most other lenders have set this amount to £10,000.
- There’s a lengthy application process that can take up to 12 weeks.
- Their plans could impact your tax and welfare benefits.
- Despite fixed interest rates, the amount will accumulate as interest is compounded annually.
- Like most financial products, there are some negative reviews that you can find on Aviva.
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 Scheme Features
- Interest Rates Offered: The figure will be based on a risk assessment.
- Customer Review Ratings: A+
- The Equity Release Council’s ‘no negative equity guarantee’.
- An optional inheritance protection guarantee to ensure your heirs will inherit a portion of your home when you pass away or move into permanent care.
- Voluntary partial interest repayments.
- Should you wish to, you can pay up back up to 10% of your loan yearly.
Aviva’s Other Services
Aviva is a versatile financial company that specialises in a huge range of insurance products. These include motor insurance, life insurance, health insurance and home insurance.
In addition to insurance and later life lending, the company also boasts a range of investment products such as investment accounts, stocks, and shares ISAs.
Aviva's Equity Release & Lifetime Mortgage Schemes
Aviva has won several awards in the equity release docket including the Best Equity Release Lender in 2020, making it a favourable option in 2021.
The company offers 2 lifetime mortgage plans, and subject to its terms and conditions, both options allow you to remain in your residence until you (and your partner if you take a joint lifetime mortgage scheme) pass on or move into permanent care.
- 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.
Not what you're looking for?
Who Are Aviva?
Look no further if you’re looking for great insurance or investment firm! They can handle your auto, home, life, and health insurance, as well as investments, pensions, and retirement plans!
Aviva is a well-known British insurance company. Their pension plans and insurance products are their key selling points. They’re also one of the oldest companies in the industry. If you’re thinking about working with them, you should know that their equity release solutions have received several awards, as over 200 000 people can attest. Aviva has facilitated the discharge of £7 billion in funds since 1998.
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
Aviva has a lot to offer and will be a great option.
YO90 1WRY O 9 0 1 W R
- Aviva Equity Release UK Limited
- Norwich Union Equity Release Limited
FCA Permitted Services
- Mortgages & home finance
- Consumer credit
- Other activities
- Financial Conduct Authority
- Financial Services Authority
- FCA Ref Number: 310433
- FCA Reg Number: 03286484
Got Questions About Aviva & Lifetime Mortgages? Check These First
Is Aviva A Member of the Equity Release Council?
Aviva is a member of the Equity Release Council.
What Are Aviva's Interest Rates?
The rate will change base on the type of scheme but goes from a minimum of 2.82% to a maximum of 4.29%.
Who Owns Aviva ?
Intriguingly, the details about Aviva’s ownership are not widely available on the internet, with the company’s website only stating that it is a British insurance business. But Aviva’s parentage can be traced back to the world-famous Rothschild dynasty which has significant links to New Zealand.
Where is Aviva Located?
Aviva is located in London and England.
PS – If you’re anything like us, you skipped to the end anyway.
So here’s the scoop – our intention is to help you by finding the best lifetime mortgage so that you can spend the money on something that you really want to, rather than on a high tax bill.
⚠️(Spoiler**) Most send us a personal thank you because we do such an incredible job – you’ve been warned. ⚠️
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.
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Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.