Aviva Lifestyle Flexible Option
Got a Question?
Need a Quick Answer?
* Get an expert to give you a quick call.
Before You Start Reading...
Let's See How Much You Can Release 👇
It's VERY FAST, takes just 8 seconds
Lifestyle Flexible Option Key Details
- Free Valuation
- Reduced Application Fee – £5*
- Inheritance Guarantee
- 10%pa Voluntary Partial Repayments
- 3-year No Early Repayment Charge**
- Bespoke Interest Rates***
Aviva Lifestyle Flexible Option (Drawdown)
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.
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?
How Much Can You Release?
Use the FREE Calculator 👇
It's VERY FAST, takes just 8 seconds
Why get a free quote?
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 specifically designed for homeowners looking for one of the lowest equity release interest rates, combined with the flexibility of a drawdown facilty and voluntary repayment options.
Minimum Property Valuation
The minimum property valuation applicable to this Flexible Lifetime Mortgage is £75,000 with no maximum. However, please contact us directly on properties over £2 million as Aviva may impose restrictions on certain properties over this value.
Property Location Requirements
Property location – which must be a main residence, needs to be located within England, Wales, Scotland. Additionally, Aviva are only one of two providers that will lend in Northern Ireland. Aviva will only take into consideration 85% of the current market valuation of flats and maisonettes.
Single vs Joint
Aviva’s Flexible Lifetime Mortgage is available on both a single and joint life basis with a minimum age for youngest homeowner being 55, and has no upper age restriction.
The minimum release on the Aviva Lifestyle Flexi Option plan is £10,000 with a mandatory minimum reserve facility of £5,000 to accompany this. For loans greater than £1 million, bespoke quotations are available.
The Aviva Lifestyle Flexible Option is a drawdown lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use, with any remaining unused cash being retained in a cash reserve facility. This is ideal for those needing access to immediate cash, but with a further drawdown amount in the future and comes with a competitive equity release interest rate. The minimum withdrawal amount from the cash reserve facility is just £500, with no further administration charges for any additional drawdown amounts taken.
A generous free valuation of upto £1 million is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Any further withdrawals would be at the interest rate applicable at the time of withdrawal.Aviva are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt to the equity release provider.
Early Repayment Feature
3-year No Early Repayment Charge
Equity Release Council Status
Aviva are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt to the equity release provider.
Joint Application Features
For joint applicants there is an added protection feature for the last survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage back to Aviva within 3 years of this event, with NO penalty.
This Aviva Lifestyle Flexi Drawdown Mortgage enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments.
However, one feature of the Aviva Equity Release plan is the Voluntary Partial Repayment Option allowing the homeowner to start making upto 10% repayments of the original amount borrowed each year, with no penalty.
A further option for inclusion is the Inheritance Protection feature so the homeowner can secure a fixed percentage of the final sale value of the property. This is important for those who wish to guarantee a percentage of the house value from their inheritance.
This Aviva Lifetime Mortgage Plan comes with the option to include enhanced terms dependent upon the health conditions of the homeowners. Therefore, if poor health can be evidenced then more favourable terms can be offered by way of a reduced equity release interest rate to their standard terms.
As part of the Lifestyle Flexi Options Aviva offer a series of cashbacks which the homeowner can chose from. These are £0, £500 & £1,000. All cashback options will affect the lifetime mortgage interest rate offered by Aviva.
The equity release interest rate quoted above is only an example rate provided by Aviva – based on a male age 62, living in BS11 with a property valued at £215,000 releasing £32,000 initially with £12,505 in a reserve.
*£5 reduced application fee available until further notice
**The 3-year no early repayment charge applies to joint life plans where the loan is repaid within 3 years of death or long term care of a partner
***Rates dependent upon personal criteria such age, health, loan amount & property details.
Aviva's Other Equity Release Schemes
Are you looking for a specific equity release scheme?
Not what you're looking for?
What people say
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.
You may also like
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.
Use our free equity release calculator & see how much you can release today.