Aviva Lifestyle Flexible Option - Cashback £1000

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Lifestyle Flexible Option – Cashback £1000 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 Option - Cashback £1000 Review

Lifestyle Flexible Option – Cashback £1000 Key Details

Type Rate APR
Aviva Fixed 3.08% 3.2%

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 ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that 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 Option – Cashback £1000 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!

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
Aviva Lifestyle Flexible

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.

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.


*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.

Editor’s Rating: 4.8

Aviva's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Aviva.

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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.

rachel w

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.
John Lawson

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.

Reviewed 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.
kath icon

Katherine Read
Consumer Affairs Writer

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.

Nicola Date
Writer & 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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