Aviva Lifestyle Flexible Option
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Aviva Lifestyle Flexible Option Review
Lifestyle Flexible Option Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.82% | 2.90% |
Scheme Incentives
- 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 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 scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Lifestyle Flexible Option product.
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
- 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 Flexible Lifestyle Voluntary Partial Repayment program is created particularly for homeowners seeking for one of the cheapest equity release interest rates combined with the flexibility to make ad hoc voluntary partial repayments to help manage the future debt. The fact that this is a drawdown lifetime mortgage program adds to the flexibility.
Minimum Property Valuation
The minimum property value for this Voluntary Repayment Lifetime Mortgage program is £75,000, with no limit; however, for homes worth more than £1 million, please contact us personally.
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 Partial Repayment Flexibility 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 Aviva Voluntary plan’s minimum release is £10,000, with a £5,000 obligatory minimum reserve facility.
Scheme Features
The Aviva Lifestyle Voluntary Repayment Plan is a drawdown lifetime mortgage program that offers an initial tax-free lump sum cash release for immediate usage, with any leftover 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.
The cash reserve program has a £2,000 minimum withdrawal amount, with no further administrative fees for any subsequent drawdown amounts taken.
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 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 beneficiaries 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 Voluntary Drawdown Mortgage allows any homeowner to spend their tax-free money however they see fit, 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 penalties.
This Aviva Flexible Payment Plan includes the opportunity to incorporate extra 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.
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. The above-mentioned pricing does not include any cashback.
Footnotes
*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.
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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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