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 (Drawdown)

Lifestyle Flexible Option Key Details

Type Rate APR
Aviva Fixed 2.66%

Scheme Incentives

  • Free Valuation
  • Cashback

Scheme Offers

  • Reduced Application Fee – £5*
  • 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!
Aviva Lifestyle Flexible

What’s Equity Release?

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.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over the age of 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: How Does Equity Release Work?

We’ve summed up the most important information about the topic in this quick video.

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Most popular reasons for releasing equity

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
Learn more about the various Aviva equity release schemes.

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 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.

Minimum Release

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.

Scheme 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.

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.

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.

Scheme 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.

Repayment Options

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.

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.

Application Fees

Cashback Options

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.

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.

Editor’s Rating: 4.67

Aviva's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Aviva.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare interest rates on equity release!

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.

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.

See how much you can release today!

How Much Can You Release?

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As Featured In
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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.
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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.
francis

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.
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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.
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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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Value of Your Home?

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As Featured In
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