Aviva Lifestyle Flexible Option

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

Are You Considering the Lifestyle Flexible Option 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 Review

Lifestyle Flexible Option Key Details

Type Rate APR
Aviva Fixed 2.82% 2.9%

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, 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 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 Flexible Lifestyle Plan is an interest-only lifetime mortgage plan that is particularly intended for homeowners who do want one of the lowest equity release interest rates combined with the flexibility to make interest-only payments to help control the eventual debt. The fact that this is a drawdown lifetime mortgage program adds to the flexibility.

Minimum Property Valuation

This Interest Only Lifetime Mortgage program requires a minimum property valuation of £75,000 and has no limit.

Property Location Requirements

Property location, which must be a primary residence, must be in England, Wales, or Scotland, and we are one of only a few lenders that will give equity release in Northern Ireland.

Aviva will only take into account 85 percent of a flat’s current market value.

Single vs Joint

Aviva’s Flexible Option Lifetime mortgages are offered on both a single and joint life basis, with a minimum age of 55 and no higher age limit.

Minimum Release

The lowest release on this Aviva Lifetime Mortgage is £10,000, with a £5,000 required minimum reserve facility.

Scheme Features

The Aviva Lifestyle interest-only scheme is a lifelong mortgage scheme that offers a tax-free lump sum cash release for immediate usage, with any leftover unused funds held in a cash reserve facility. This is helpful for individuals who want immediate cash but want to be able to withdraw more in the future and have one of the lowest equity release interest rates available.

Valuation Features

A generous free appraisal of up to £1 million is provided, as well as a set equity release 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

Early repayment fees may apply if the loan is repaid for any reason other than those specified in our terms and conditions.

Equity Release Council Status

Aviva is 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 companion has the option of repaying the lifetime mortgage to Aviva with no penalty within three years of the occurrence.

Scheme Options

This Aviva Lifestyle Flexible Option mortgage allows any homeowner to spend their tax-free earnings however they see best, with no obligation to make repayments. The Voluntary Partial Repayment Option, moreover, 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 penalty.

This Aviva Flexi Plan includes the opportunity to incorporate extra terms based on the homeowners’ health status. As a result, 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.

Alternatively, if homeowners are seeking for a maximum equity release amount, they might choose a higher loan amount based on the severity of their health condition rather than a reduced rate of interest. Essentially, the bigger the maximum equity release lump sum increases, the worse the health records reflect.

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 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.


*A £5 application fee reduction is available till further notice.
** Rates are determined by personal factors such as age, health, loan amount, and property information.

Editor’s Rating: 4.72

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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