Aviva Lifestyle Flexible Option - Cashback £1000
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Aviva Lifestyle Flexible Option - Cashback £1000 Review
Lifestyle Flexible Option – Cashback £1000 Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.08% | 3.20% |
Scheme Incentives
- Cashback
- Free Valuation
Scheme Offers
- Inheritance Guarantee
- 10%pa Voluntary Partial Repayments
- 3-year No Early Repayment Charge**
- Bespoke Interest Rates***
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 Option - 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.
- Detailed information about the Lifestyle Flexible Option - Cashback £1000 scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Lifestyle Flexible Option - Cashback £1000 product.
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?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are Aviva?
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 Flexi Plan is designed specifically for homeowners looking for a few of the lowest equity release interest rates available, as well as the flexibility of a drawdown capacity and voluntary repayment options.
Minimum Property Valuation
This Flexible Lifetime Mortgage requires a minimum property valuation of £75,000, with no maximum limit.
Property Location Requirements
The property, which must be a principal residence, must be located in England, Wales, or Scotland. In addition, Aviva is one of just two lenders ready to lend in Northern Ireland.
Aviva will only consider 85 percent of the current market value of an apartment or maisonette.
Single vs Joint
Aviva’s Flexible Lifetime Mortgage is available as a single or combined life mortgage, with a minimum age of 55 for the youngest homeowner and no maximum age limit.
Minimum Release
The Aviva Lifestyle Flexi Option plan includes a £10,000 minimum release and a £5,000 minimum reserve facility.
Scheme Features
The Aviva Lifestyle Flexible Option is a lifetime mortgage drawdown program that provides a tax-free lump sum cash release for immediate use, with any unused funds retained in a cash reserve facility. This is suitable for those who need cash now but may need to take additional funds later, and it comes with a competitive equity release interest rate.
There is a £2,000 minimum withdrawal amount for the cash reserve program, with no further administrative costs for any future drawdown amounts taken.
Valuation Features
There is a generous free assessment of up to £1 million, as well as a predetermined lifetime interest rate on the initial lump sum. Any further withdrawals would be subject to the applicable interest rate at the time of withdrawal.
Early Repayment Feature
Aviva plan updates are still in the works. We will give an update soon.
Equity Release Council Status
Aviva is a member of the Equity Release Council, and all of its policies feature a guarantee against negative equity. As a result, if the property is finally sold, any dependents will not be obligated to repay the equity release provider.
Joint Application Features
For joint applicants, there is an extra protection clause for the plan’s last survivor.
If one of the homeowners dies or transfers into care, the remaining companion may repay the lifetime mortgage to Aviva without penalty within three years of the event.
Scheme Options
This Aviva Lifestyle Flexi Drawdown Mortgage allows any homeowner to spend their tax-free money as they like, with no pressure to make payments. The Voluntary Partial Repayment Option, on the other hand, is a feature of the Aviva Equity Release plan that allows the homeowner to begin paying up to 10% of the initial amount borrowed each year at no cost.
This Aviva Lifetime Mortgage Plan provides the option to implement extended periods dependent on the homeowners’ health status. As a consequence, if worsening health can be shown, additional advantageous circumstances, such as a reduced equity release interest rate, can be provided in addition to their usual terms.
Repayment Options
As long as the 10% maximum is not exceeded, there is no limit to the amount of repayments that may be made in a 12-month period with Aviva. This aids in controlling the future balance of the UK lifetime mortgage plan, either by reducing the roll-up impact of the interest, paying off the interest only, or even lowering the future balance by employing the whole 10% permitted.
Inheritance Protection
The Inheritance Protection feature, which allows the homeowner to secure a specified amount of the property’s eventual selling worth, is another option for inclusion. This is essential for those who wish to ensure that a part of the property worth is passed down through inheritance.
Application Fees
It is also possible to accept or decline the free valuation offer.
The equity release rate of interest on Aviva’s plans is reduced when the value is paid for in advance. As a consequence, all lifestyle choices, such as cashbacks and value, have an influence on the equity release conditions that are provided and may be adjusted to fit the demands of the homeowner.
Cashback Options
As part of the Lifestyle Flexi Options, Aviva provides a range of cashbacks from which the homeowner can choose. They come in three sizes: £0, £500, and £1000.
All cashback options will affect Aviva’s lifetime mortgage interest rate. The charge shown above includes a £1,000 cashabck.
Footnotes
*Until further notice, a £5 application fee discount is available.
** The three-year no-early-repayment-charge period applies to joint life plans when the loan is returned within three years of a partner’s death or long-term care.
***Rates are subject to change based on personal characteristics such as age, health, loan amount, and property information.
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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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