Aviva Equity Release Review

Do You Want to Unlock Funds With Aviva Equity Release?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Aviva Equity Release? Discover the Pros, Cons, Interest Rates & Qualification Criteria. Decide Here if This Is the Best Option for You.

Before You Start Reading…

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

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Is Aviva equity release the best?

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?

The companies we profile, are the best in the business to help you unlock the cash tied into your home.We’re here to help you:

  • Understand the services that Aviva offers.
  • Determine if they might be able to assist you and your family on your equity release journey.

Let’s find out NOW!

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.

Is Aviva the ideal equity release loan company to assist you and your family?

TABLE OF CONTENTS

What’s Equity Release?

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.

Who Are Aviva?

Aviva plc is a British global insurance corporation with its headquarters in London.

It serves around 33 million clients in 16 countries.1 Aviva is the largest general insurance and a significant life and pensions provider in the United Kingdom 2.

How Did We Review Aviva?

We reviewed Aviva by analysing all its latest plan offerings, comparing its policies to similar lenders, and reviewing the company’s level of customer satisfaction.

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 Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

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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 TrustPilot³, making them a favourable equity release option.

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’s Online Ratings

Pros & Cons

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.

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.

Editor’s Rating: 4.89

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 Complaints

Aviva is committed to resolving concerns right away.

You’ll need to provide:

  • Your personal details.
  • Your policy or claim details.
  • The nature of your complaint.
  • How do you want Aviva to resolve the issue?

If the complaint can’t be resolved right away, you’ll receive a written response within 8 weeks.

If you’re still unhappy with the results of the dispute, Aviva encourages clients to contact the Financial Ombudsman Service.

For more information and to launch a complaint with Aviva, follow this link here.

What Are Aviva’s Fees?

Aviva fees may include an application fee.

It may also offer you a free valuation; however, sometimes providers charge for this depending on your plan.

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 Equity Release Interest Rates

Aviva equity release interest rates start at 4.44% and will be determined based on your age, property value, and sometimes your health condition.

Schemes Compared

Are you looking for a specific equity release scheme? These are some of the schemes offered or covered by Aviva.

[Schemes_Query]

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.

What Do Aviva Offer?

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

Aviva’s Other Services

Investment accounts, stocks, and shares ISAs.

Aviva Jobs

There are a ton of job opportunities at Aviva, and they have an entire site dedicated to their career offerings. You can review this page right here.

Aviva FCA Details

Trading Names

  • Aviva Equity Release UK Limited
  • Norwich Union Equity Release Limited

Permitted Services

  • Mortgages & home finance
  • Consumer credit
  • Investments
  • Other activities

Regulators

  • Financial Conduct Authority (FAC)
  • Financial Services Authority Now the Prudential Regulation Authority (PRA)

Registration Numbers

  • FCA Ref Number: 310433
  • FCA Reg Number: 03286484

FCA & Company House Links

Aviva Contact Number & Address

Wellington Row, York, North Yorkshire, YO90 1WRY O 9 0 1 W R, UNITED KINGDOM.

Got Questions

Is Aviva a Member of the Equity Release Council?

What Are Aviva's Interest Rates?

Who Owns Aviva ?

Where is Aviva Located?

Does Aviva Do Equity Release?

Is Aviva Equity Release Safe?

Conclusion

So here’s the scoop – our intention is to help you by finding the best Aviva equity release lifetime mortgage so that you can spend the money on something that you really want, rather than on a high tax bill.

Additional Reading:

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
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Editorial Note: This content has been independently collected by the SovereignBoss 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.