Aviva Lifestyle Lump Sum Max
Before You Start Reading...
How Much Can You Release? 👇
Aviva Lifestyle Lump Sum Max Review
Lifestyle Lump Sum Max Key Details
- Free Valuation
- Inheritance Guarantee
- 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 Lump Sum Max, 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.
Let’s find out!
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 Lump Sum Max plan is intended for homeowners seeking a larger equity release lump sum than the drawdown variant. The Lump Sum Max plan is a single lump sum plan without any option for drawdown.
Minimum Property Valuation
The minimum property valuation for the Lump Sum Max Mortgage is £75,000, with no upper limit.
Property Location Requirements
Property must be a primary residence in England, Wales, or Scotland, and Aviva is one of the few lenders that provide equity release plans in Northern Ireland.
Aviva will only take into account 85 percent of a flat’s current market value.
Single vs Joint
Aviva’s Lifestyle Lump Sum Lifetime Mortgage is offered on both a single and joint life basis, with a minimum age of 55 and no maximum age limit.
On the Aviva Lump Sum Max plan, the lowest equity release is £15,000.
The Aviva Lifestyle Lump Sum Max Option is a single lump sum lifetime mortgage program that gives an initial tax-free lump sum cash release that may be used right away. This is perfect for people who want fast access to cash and the highest amount available at a possibly cheaper interest rate than many other maximum release plans on the market.
A generous free appraisal of up to £1 million is provided, as well as a set lifetime interest rate on the lump payment. Additional borrowing may be available in the future, depending on age and property value, as well as Aviva’s future lending terms.
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 dependents 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 companion has the option of repaying the lifetime mortgage to Aviva with no penalty within three years of the occurrence.
This Aviva Lifestyle Lump Sum Max equity release program allows any homeowner to spend their tax-free income however they see fit, with no obligation to make repayments. However, one aspect of Aviva’s Equity Release programs is the Voluntary Partial Repayment Option, which allows the homeowner to begin paying up to 10% of the original amount borrowed each year with NO penalties.
This Aviva Lump Sum Lifetime Mortgage Plan includes the opportunity to incorporate improved terms based on the homeowners’ health status. As a result, if bad health can be demonstrated, more favorable terms can be given in the form of a greater maximum capital lump payment.
Aviva offers a variety of cashbacks as part of the Lump Sum Max choices, which the homeowner may select from. There are three of them: £0, £500, and £1,000. All cashback choices will have an impact on Aviva’s lifetime mortgage interest rate. The above-mentioned pricing does not include any cashback.
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.
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.
There is also the option to accept or refuse the free valuation offer.
By paying for the value in advance, Aviva’s equity release rate of interest will be reduced.
As a result, all lifestyle choices such as cashbacks and appraisals have an impact on the equity release conditions given and may be tailored to meet the needs of the homeowner.
The Aviva equity release interest rate shown above is the lowest available rate for this plan depending on the lifestyle options chosen.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 three-year no-early-repayment-charge period applies to joint life policies if the loan is repaid within three years of death or long-term care of a spouse.
***Rates are determined by personal factors such as age, health, loan amount, and property information.
Aviva's Other Equity Release Schemes
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