Aviva Lifestyle Flexible Option - Cashback £500
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Lifestyle Flexible Option – Cashback £500 Key Details
- Free Valuation
- Inheritance Guarantee
- 10%pa Voluntary Partial Repayments
- 3-year No Early Repayment Charge**
- Bespoke Interest Rates***
Aviva Lifestyle Flexible Option - Cashback £500 Review
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 £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.
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?
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 created particularly for homeowners seeking one of the lowest equity release interest rates, as well as the flexibility of a drawdown facility and voluntary repayment alternatives.
Minimum Property Valuation
The minimum property valuation for this Flexible Lifetime Mortgage is £75,000, with no upper limit.
Property Location Requirements
Property location – which must be a primary residence – must be in England, Wales, or Scotland.
Furthermore, Aviva is just one of two lenders willing to lend in Northern Ireland.
Aviva will only evaluate 85 percent of a flat’s or maisonette’s current market worth.
Single vs Joint
Aviva’s Flexible Lifetime Mortgage is offered on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and no maximum age limit.
The Aviva Lifestyle Flexi Option plan has a minimum release of £10,000 and a mandated minimum reserve facility of £5,000 to go with it.
The Aviva Lifestyle Flexible Option is a drawdown lifetime mortgage program that offers a tax-free lump sum cash release for immediate usage, with any unused funds held in a cash reserve facility. This is helpful for individuals who want immediate cash but will need to withdraw more funds in the future, and it comes with a competitive equity release interest rate. The cash reserve
program has a £2,000 minimum withdrawal amount, with no further administrative fees for any subsequent drawdown amounts taken.
A generous free appraisal of up to £1 million is provided, as well as a set lifetime interest rate on the initial lump amount. Any subsequent withdrawals would be subject to the interest rate in effect 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 indeed an Equity Release Council member, and all of its plans include a no-negative equity guarantee. As a result, if the property is eventually sold, any dependents 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.
This Aviva Lifestyle Flexi Drawdown Mortgage allows any homeowner to invest their tax-free cash however they see fit, with no obligation to make repayments. The Aviva Equity Release plan, on the other hand, includes a Voluntary Partial Repayment Option, which allows the homeowner to begin paying up to 10% repayments of the original amount borrowed each year, with no penalties.
This Aviva Lifetime Mortgage Plan includes the opportunity to incorporate increased terms based on the homeowners’ health status. As a result, if bad 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.
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.
Another alternative 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.
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.
Aviva offers a variety of cashbacks as part of the Lifestyle Flexi Options, which the homeowner can select from. 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 fee includes a £500 cashback.
*A £5 application fee reduction is available until further notice.
** The 3-year no early repayment charge applies to joint life plans when the loan is returned within 3 years of a partner’s death or long-term care.
***Rates vary depending on personal factors such as age, health, loan amount, and property information.
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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.
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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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