Aviva Lifestyle Flexible Enhanced - Cashback £500

Are You Considering the Lifestyle Flexible Enhanced – Cashback £500 Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Aviva Lifestyle Flexible Enhanced - Cashback £500 Review

Lifestyle Flexible Enhanced – Cashback £500 Key Details

Type Rate APR
Aviva Fixed 2.94% 3.00%

Scheme Incentives

  • Free Valuation
  • Cashback

Scheme Offers

  • Inheritance Guarantee
  • 10%p.a. Voluntary Partial Repayments
  • 3 Year No Early Repayment Charge**
  • Bespoke Interest Rates***
Aviva Lifestyle Flexible Enhanced Cashback £500

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 £500, 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.

Could the Aviva Lifestyle Flexible Enhanced – Cashback £500 be the right equity release plan for you?
We’re here to help you:
Aviva is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Aviva?
Let’s find out!

What's Equity Release?

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.

Learn More: What’s Equity Release?

How Does Equity Release Work?

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: How Does Equity Release Work?

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Most popular reasons for releasing equity

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
Learn more about the various Aviva equity release schemes..

Scheme Background

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.

Eligibility & Requirements

The Aviva Lifestyle Enhanced Drawdown Lifetime Mortgage Plan is deliberately developed for homeowners looking for any of the lowest equity release interest rates combined with the versatility of a lifetime mortgage drawdown scheme; or they can enjoy the benefits of any poor health to obtain a higher-than-average equity release lump sum.

Scheme Features

The Aviva Lifestyle Ill-health plan is a lifetime mortgage with improved drawdown that offers a tax-free lump sum cash release for immediate need, with any leftover funds held in a cash reserve facility.

This is helpful for individuals who want quick cash but want to be able to increase their drawdown amount in the future and take advantage of one of the lowest equity release interest rates available. The cash reserve facility’s minimum withdrawal amount is merely £2,000, with no extra administrative fees for any further withdrawal amounts.

Valuation Features

A generous free appraisal of up to £1 million is available, as well as a set lifetime interest rate on the initial lump amount. Any subsequent withdrawals will be subject to the interest rate in effect at the time of the withdrawal.

Early Repayment Feature

Aviva plan updates are still in the works. Will give an update soon.

Equity Release Council Status

Aviva is indeed a member of the Equity Release Council, and all of its plans are guaranteed to have no negative equity. As a result, any beneficiaries who inherit the property cannot be left with an obligation to the equity release provider.

Joint Application Features

There is an additional protection provision for the plan’s last survivor for joint applicants.

If one of the homeowners dies or moves into care, the remaining spouse has the option of repaying the lifetime mortgage to Aviva with no penalty within three years of the occurrence.

Scheme Options

This Aviva Lifestyle Enhanced Lifetime Mortgage plan allows any homeowner to use their tax-free money however they see fit, with no obligation to make repayments. The Voluntary Partial Repayment Option, however, is a provision of the Aviva Equity Release plan that allows the homeowner to begin paying up to 10% repayments of the initial amount borrowed each year with no penalties.

This Aviva Enhanced equity release plan includes advanced terms that calculate the maximum lump amount based on the homeowners’ health status. Alternatively, if deteriorating health can be demonstrated, more favorable conditions can be given in the form of a lower equity release interest rate in addition to their regular terms.

The above-mentioned equity release interest rate is the lowest rate available under this plan depending on the individual lifestyle options chosen.

Repayment Options

Aviva has no restriction on the number of repayments that can be made in a 12-month period, as long as the 10% cap is not exceeded. This assists in managing the future balance of the UK lifetime mortgage plan, either to decrease the roll-up impact of the interest, pay off the interest alone, or even to lower the future balance by utilizing the entire 10% allowed.

Inheritance Protection

Another possibility for inclusion is the Inheritance Protection function, which allows the homeowner to secure a predetermined proportion of the property’s ultimate sale value. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Application Fees

There is also the option to accept or refuse the free valuation offer.

Paying for the value in advance lowers the equity release rate of interest on Aviva’s plans. As a result, all lifestyle choices such as cashbacks and value have an impact on the equity release conditions given and may be tailored to meet the needs of the homeowner.

Cashback Options

Aviva’s Lifestyle Options also provide variety of cashbacks from which the homeowner can choose. There are three of them: £0, £500, and £1000. All cashback choices will have an impact on Aviva’s lifetime mortgage interest rate. The above-mentioned rate includes a £500 cashback.

Footnotes

*£5 application fee reduction till further notice
** The 3-year no early repayment fee applies to joint life plans when the loan is returned within 3 years of a partner’s demise or long-term care.
***Rates are determined by personal factors such as age, health, loan amount, and property information.

Editor’s Rating: 4.85

Aviva's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Aviva.

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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.

See how much you can release today!

How Much Can You Release?

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Value of Your Home?

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As Featured In
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