Aviva Lifestyle Flexible Option

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Aviva Lifestyle Flexible Option

Type

Rate

APR

Fixed

2.82

2.90

Scheme Incentives

Scheme Offers

Scheme Incentives

Scheme Offers

Aviva Lifestyle Flexible

Lifestyle Flexible Option 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 Aviva Lifestyle Flexible Option equity release scheme the best?

Background

Aviva is the rebranded name of Norwich Union and is one of the longest serving providers of equity release plans today. Aviva Equity Release have arranged lifetime mortgages to over 200,000 homeowners since inception in 1998 and in doing so have £7billion in released equity.

Aviva provide a range of flexible drawdown lifetime mortgage plans and high maximum lump sum plans with the ability to also take health and lifestyle into consideration. In addition, Aviva Equity Release also provide balance control measures with their flexible 10% voluntary partial repayment facility.

With the largest brand name in the equity release industry, Aviva have become synonymous with a name you can trust.

Eligibility

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.

Scheme Eligibility (Min 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.

Scheme Eligibility (Property Location)

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.

Scheme Eligibility (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.

Scheme Eligibility (Min Release)

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.

Features

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.

Scheme Features (Valuation Features)

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.

Scheme Features (Early Repayment)

3-year No Early Repayment Charge

Scheme Features (Equity Release Council)

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.

Scheme Features (Joint Application)

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.

Options

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.

Scheme Options (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.

Scheme Options (Inheritance Protection)

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.

Scheme Options (Application Fees)

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Scheme Options (Cashback)

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.

Scheme Options (Early Repayment Fees)

Aviva place no limit on the number of repayments they will allow in any 12 month period, as long as the 10% limit isn’t surpassed. This helps manage control the future balance of the UK lifetime mortgage scheme, either to reduce the roll-up effect of the interest, pay off the interest only or even reduce the future balance by using the full 10% allowance.

3-year No Early Repayment Charge

Scheme Footnotes

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.

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PS – If you’re anything like us, you skipped to the end anyway.

So here’s the scoop – our intention is to help you by finding the best equity release provider so that you can spend the money on something that you really want to, rather than on a high tax bill.

⚠️(Spoiler**) Most send us a personal thank you because we do such an incredible job – you’ve been warned. ⚠️

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