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Find the information you need to know about Aviva Equity Release lifetime mortgages in this review, use the calculator and discover how much you can raise tax-free with Aviva Equity Release.
Aviva is among the longest running brands in the equity release market and has been members of the Equity Release Council since 1991. To date, they’ve provided over 200,000-lifetime mortgages to eligible homeowners over the age of 55.
On a larger scale, Aviva has 31+ million customers internationally, covering a range of investment products, retirement finance as well as healthcare cover. For this Aviva Equity Release review, the information to follow relates to the lifetime mortgage range specifically for over 55s.
Aviva offers two-lifetime mortgage products. Both plans give the joint homeowners the assurance that they can remain in their home, otherwise known as the Right of Tenure, which is a guarantee that your property will remain yours until both people either die or go into a long-term care home.
On both plans, there are no ongoing payments required. All monies owed as part of the lifetime mortgage will be repaid when your property sells. It should be noted that while funds released through the Aviva Equity Release Plans are tax-free, it can affect your tax situation and any means-tested state benefits.
Aviva’s Lifestyle Flexible plan is a drawdown scheme. You can apply for a minimum of £10,000, leaving a further £5,000 on reserve to withdraw in the future. This can be beneficial for homeowners over the age of 55 who want a lump sum payment but not as much as the £10,000.
Alternatively, as part of retirement planning, a higher threshold up to the maximum LTV you’d be eligible to borrow at can be agreed initially, leaving surplus funds on reserve to withdraw throughout your retirement years. In terms of interest, the only interest payable on the Flexible plan is on the funds you receive and not what’s approved but held in reserve for future use.
Depending on your age, lifestyle and existing health conditions, it may be possible to secure more favourable interest rates on this plan too.
The Aviva Lifestyle Lump Sum Max
The Lump Sum Max option has a minimum loan amount of £15,000 and is paid as a tax-free, one-off payment. It may be possible to borrow more in the future, but there is no guarantee.
Eligible homeowners can use this option as a safeguard to keep a percentage of your home equity aside to leave an inheritance for your loved ones. If you do choose this option, it will lower the total amount you’ll be eligible to borrow.
As with all members of the Equity Release Council, this guarantee ensures that your estate will never owe more than the amount your property eventually sells for. Simply put, it’s impossible to owe more so your family won’t be left with a debt to repay.
After the first year on any of the two Aviva Equity Release Plans, you can make voluntary payments up to a maximum of 10% on the loan capital borrowed per year. The minimum partial repayment is £500.
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While it’s always a good idea to stay informed on financial products, equity release reviews will only take you so far. As equity release schemes are regulated by the Financial Conduct Authority, Aviva plans for lifetime mortgages are only available through financial advisors
So the first stage to be eligible is to consult with a financial advisor for expert advice before you can access any of the Aviva equity release plans.
The Aviva website has an equity release calculator you can use to estimate how much you could be eligible to borrow through any of the two Aviva Equity Release Plans.
As an illustrative example using the minimum home valuation and age, a property worth £75,000 with the youngest applicant being aged 55 at the time of application, £15,375 of home equity could be released through an Aviva Lifetime Mortgage.
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1st UK are experienced in retirement planning and knowledgeable of the equity release market. We operate independently, which means we’re well positioned to provide our customers with a whole of market comparison, review all of the equity release companies to find the best rates, on the best terms with the guarantees for you and your family’s financial protection.
To find out exactly how we can be of service to you and if we can unlock cash tied up in your home to help you fund your retirement years, get in contact with a member of our team today.
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