Aviva Lifestyle Flexible Enhanced - Cashback £1000
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Aviva Lifestyle Flexible Enhanced - Cashback £1000 Review
Lifestyle Flexible Enhanced – Cashback £1000 Key Details
- Inheritance Guarantee
- 10%pa Voluntary Partial Repayments
- 3-year No Early Repayment Charge**
- Bespoke Interest Rates***
- Free Valuation
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Aviva Lifestyle Flexible Enhanced - Cashback £1000, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
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?
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Most popular reasons for releasing equity
Who Are Aviva?
Aviva is the rebranded name of Norwich Union and is one of the longest serving providers of equity release plans today. Aviva Equity Release have arranged lifetime mortgages to over 198,000 homeowners since inception in 1998 and in doing so have provided £7billion in released equity.
Aviva provide a range of flexible drawdown lifetime mortgage plans and high maximum lump sum plans with the ability to also take health and lifestyle into consideration. Added to this Aviva Equity Release also provide balance control measures with their flexible 10% partial repayment facility. With the largest brand name in the equity release industry, Aviva have become synonymous with a name you can trust.
Eligibility & Requirements
The Aviva Lifestyle Enhanced Drawdown Lifetime Mortgage Plan scheme is specifically designed for homeowners looking for either one of the lowest equity release interest rates, combined with the flexibility of a lifetime mortgage drawdown scheme; or they can take advantage of any poor health to obtain a higher than standard equity release lump sum.
Minimum Property Valuation
The minimum property valuation applicable to this Aviva Enhanced Drawdown Lifetime Mortgage plan is £75,000 with no maximum.
Property Location Requirements
Property location which must be a main residence, needs to be located within England, Wales, Scotland and Aviva are one of only a couple of lenders in Northern Ireland.
Aviva will only take into consideration 85% of the current market valuation of flats.
Single vs Joint
Aviva’s Enhanced Lifetime Mortgage is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and no upper age restriction.
The minimum equity release on the Aviva Impaired Life plan is £10,000 with a mandatory minimum reserve facility of £5,000 to accompany this, if selected.
If the option taken is for no drawdown facility & an outright single maximum lump sum requirement, then the smallest loan amount increases to £15,000.
The Aviva Lifestyle Ill-health plan is an enhanced drawdown lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use, with any remaining unused cash being retained in a cash reserve facility. This is ideal for those needing access to immediate cash but with a further drawdown amount in the future and one of the lowest equity release interest rates possible. The minimum withdrawal amount from the cash reserve facility is just £2,000 with no further administration charges for any additional drawdown amounts taken.
A generous free valuation of upto £1 million is offered along with a fixed equity release lifetime interest rate on the initial lump sum.
Any further withdrawals would be at the interest rate applicable at the time of withdrawal.
Early Repayment Feature
Equity Release Council Status
Aviva are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt to the equity release provider.
Joint Application Features
For joint applicants there is an added protection feature for the last survivor of the plan.
Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage back to Aviva within 3 years of this event with NO penalty.
This Aviva Lifestyle Enhanced Lifetime Mortgage plan enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments. However, one feature of the Aviva Equity Release plan is the Voluntary Partial Repayment Option allowing the homeowner to start making up to 10% repayments of the original amount borrowed each year, with no penalty.
This Aviva Enhanced equity release plan comes with enhanced terms which determine the maximum lump sum dependent upon the health conditions of the homeowners. Alternatively, if poor health can be evidenced then more favourable terms can be offered by way of a further reduced equity release interest rate to their standard terms.
The equity release interest rate quoted above is the lowest rate available under this plan based on specific lifestyle options selected.
Aviva place no limit on the number of repayments they will allow in any 12 month period, as long as the 10% limit isn’t surpassed. This helps manage control the future balance of the UK lifetime mortgage scheme, either to reduce the roll-up effect of the interest, pay off the interest only or even reduce the future balance by using the full 10% allowance.
A further option for inclusion is the Inheritance Protection feature so the homeowner can secure a fixed percentage of the final sale value of the property. This is important for those who wish to guarantee a percentage of the house value from their inheritance.
Additionally, there is the option to accept or decline the free valuation offer.
By paying for the valuation upfront will actually reduce the equity release rate of interest on Aviva’s plans. Therefore, all the lifestyle choices of cashbacks and valuation all have a bearing on the equity release terms offered & can be designed to suit the homeowner’s requirements.
As part of the Lifestyle Options Aviva offer a series of cashbacks which the homeowner can chose from. These are £0, £500 & £1000.
All cashback options will affect the lifetime mortgage interest rate offered by Aviva. This product includes £1000 cashback.
*£5 reduced application fee until further notice
**The 3-year no early repayment charge applies to joint life plans where the loan is repaid within 3 years of death or long term care of a partner
***Rates dependent upon personal criteria such age, health, loan amount & property details
Aviva's Other Equity Release Schemes
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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.
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HOW MUCH EQUITY CAN YOU RELEASE?
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.
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