Aviva Lifestyle Flexible

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 Review

Lifestyle Flexible Option Key Details

Type Rate APR
Aviva Fixed 2.82% 2.9%

Scheme Incentives

  • Cashback
  • Free Valuation

Scheme Offers

  • Inheritance Guarantee
  • 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, 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 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

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 & Requirements

The Aviva Lifestyle Flexi Plan is created particularly for homeowners seeking one of the lowest equity release interest rates, as well as the flexibility of a drawdown facility and voluntary repayment alternatives.

Minimum Property Valuation

The minimum property valuation for this Flexible Lifetime Mortgage is £75,000, with no upper limit.

Please keep in mind that on properties worth more over £2 million, Aviva may apply limitations.

Property Location Requirements

Property location – which must be a primary residence – must be in England, Wales, or Scotland.

Furthermore, Aviva is just one of two lenders willing to lend in Northern Ireland.

Aviva will only evaluate 85 percent of a flat’s or maisonette’s current market worth.

Single vs Joint

Aviva’s Flexible Lifetime Mortgage is offered on a single and joint life basis, with a minimum age of 55 for the youngest homeowner and no maximum age limit.

Minimum Release

The Aviva Lifestyle Flexi Option plan has a minimum release of £10,000 and a mandated minimum reserve facility of £5,000 to go along with it.

Scheme Features

The Aviva Lifestyle Flexible Option is a drawdown lifetime mortgage program that offers a tax-free lump sum cash release for immediate usage, with any unused funds held in a cash reserve facility. This is helpful for individuals who want immediate cash but will need to withdraw more funds in the future, and it comes with a competitive equity release interest rate.

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 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 beneficiaries cannot be left with a debt 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 partner has the option of repaying the lifetime mortgage to Aviva with no penalty within three years of the occurrence.

Scheme Options

This Aviva Lifestyle Flexi Drawdown Mortgage allows any homeowner to spend their tax-free cash as they see fit, with no obligation to make repayments. However, one aspect of the Aviva Equity Release plan is the Voluntary Partial Repayment Option, which allows the homeowner to begin paying up to 10% repayments of the original amount borrowed each year with no penalty.

The above equity release interest rate is an example supplied by Aviva and is based on a man age 62 living in BS11 with a home valued at £215,000 releasing £32,000 initially with £12,505 in a reserve.

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 option for inclusion is the Inheritance Protection feature, which allows the homeowner to secure a fixed percentage of the property’s final 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 £1,000.

All cashback selections will have an impact on Aviva’s lifetime mortgage interest rate.

Early Repayment Options & Fees

Early repayment fees may apply if the loan is repaid for any reason other than those specified in our terms and conditions.
The fee may be up to 25% of the loan amount, plus any extra borrowing or cash reserve releases. There may also be a cost for administration.


*A £5 application fee reduction is available until further notice.
** The 3-year no early repayment charge applies to joint life plans when the loan is returned within 3 years of a partner’s death or long-term care. ***Rates vary depending on personal factors such as age, health, loan amount, and property information.

Editor’s Rating: 4.87

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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