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Aviva Equity Release & Lifetime Mortgages Review 2024

Aviva equity release reviews

Aviva equity release products are a great option for those looking to unlock the wealth in their homes without having to move. Aviva offers lifetime mortgages, which are designed to meet the standards of the Equity Release Council and provide customers with a flexible set of products with low early repayment charges.

Customers can also access more lenders, products and advice through Aviva’s lifetime mortgage plans. With Aviva, customers can take advantage of competitive interest rates and have peace of mind knowing that their plans meet all necessary standards.

Equity release features

  • Equity release at 4.12%.
  • Free valuation fee
  • No monthly payments unless you prefer interest-only
  • Continue to live in your home and retain 100% ownership
  • You can still move home as Aviva Equity Release is transferable

Release Equity From Your House As A Cash Sum Or Regular Payments with an Aviva lifetime mortgage. Please Enter Your Requirements Below:

Equity Release

For those over the age of 55, getting an equity release plan can bring more stability and security to both their finances and those of their loved ones.

Every year, many people utilise these plans as a way to make use of the hidden value stored in their homes.

The UK’s economic disruption has not stopped there being plenty of equity release schemes to choose from – with competitive interest rates, high loan-to-value ratios, and long-term safeguards available.

Suppose you want to leave your family a healthy inheritance. In that case, you can take advantage of inheritance protection – where part of your property’s value is set aside for your beneficiaries regardless of how much the loan grows over time. An alternative lender to Aviva is Santander.

Simply complete the short online form above for a no-obligation quote today. You’ll find it easy and secure, taking only a few minutes to complete.

Santander equity release awards

Do any of the following apply to you in 2024?

  • Do you have a mortgage you need to pay off?
  • Do you require money for repairs or home improvements? Like a new kitchen or bathroom.
  • Would you like to help a family member purchase their first home?
  • Would you like to pay off all your credit cards and loans and have zero monthly payments?
  • Would you like a better lifestyle, change your car or have a well-deserved holiday?

Key points:

  • Equity Release Council Members Since 1991
  • Voted Best Equity Release Lender by the What Mortgage Awards and The Personal Finance Awards
  • No Negative Equity Guaranteed

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.

Click For An Equity Release Quote

About the Aviva Brand and Aviva equity release reviews

Aviva is among the longest-running brands in the equity release market and has been a member of the Equity Release Council since 1991. To date, they’ve provided over 220,000 lifetime mortgages to eligible homeowners over the age of 55.

On a larger scale, Aviva mortgages have 31+ million customers internationally, covering a range of investment products, retirement finance as well as healthcare coverage. For this Aviva Equity Release review, the information to follow relates to the lifetime mortgage range specifically for those over 55.

The Equity Release Options from Aviva Lifetime Mortgages

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.

  • The Aviva Lifestyle Flexible Option

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 £10,000.

Alternatively, as part of retirement planning, a higher threshold up to the maximum LTV you’d be eligible to borrow can be agreed upon 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.

Also Included in Both Aviva Equity Release Plans:

  • Aviva Equity Release Scheme Inheritance Protection Guarantee

Eligible homeowners can use this option as a safeguard to keep a percentage of their home equity aside to leave an inheritance for their loved ones. If you do choose this option, it will lower the total amount you’ll be eligible to borrow.

  • A No Negative Equity Guarantee with your Aviva Mortgage

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.

  • Aviva Loan Voluntary Partial Repayment Option

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.

Click For A Free Equity Release Quote

Eligibility Criteria For The Best Aviva Equity Release Interest Rates and the Aviva Drawdown Calculator

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 minimum age requirement is 55 years old.
  • Homeowners must be mortgage-free. If you currently have a mortgage balance outstanding, it will need to be repaid with the funds released.
  • Both plans are subject to a minimum home valuation of £75,000 and must be in the UK.
  • Your property must be your main place of residence and be occupied for more than six months per the calendar year.
  • The property must be freehold. In some cases, leaseholds can be considered, but there will need to be at least 160 years left to run on the lease.

Key Points from the Flexi Access Drawdown Aviva Plan Fine Print Reviewed

  • It may be possible to borrow more against your home equity if your property value increases and you have not borrowed up to the maximum LTV available.
  • You will need to continue living in the property, keeping it in a good state of repair, making all payments on time, including council tax and utilities and maintaining appropriate property insurance for the duration of the loan.
  • Aviva Equity Release products are designed for life. There is an option to repay; however, it will involve a substantial early repayment charge.
  • Interest rates on both Aviva Lifetime Mortgage products are higher than standard mortgages. There are no requirements to make repayments. The interest rate provided in your initial mortgage offer will be applied for the duration of the loan.
  • Should you move home, the new property will need to meet the lending criteria in order for the lifetime mortgage to move with you. Should the situation arise that a new property is worth less than what’s been borrowed against your existing home’s value and equity held, some of the capital plus interest on the funds released may need to be repaid.

Use the Aviva Equity Release Calculator for a Guideline on How Much You Can Borrow

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.

Contact 1st UK Money

How 1st UK Can Help You Release Cash Tied Up in Your Home with an Aviva Lifetime Mortgage

1st UK is 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 and review all of the equity release companies to find the best rates, on the best terms with 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.

What about the Aviva equity release early repayment charge?

Not all equity release with Aviva have a redemption penalty. They do have some of the best equity release rates 2024 available in the marketplace. The Flexi Access Drawdown Aviva product is an example, and the product is portable. The Aviva interest rates are very competitive.

Aviva Equity Release Contact Details – You can use these for an Aviva adviser equity release consultation

Aviva PLC. Registered Office: St Helen’s, 1 Undershaft, London EC3P 3DQ.
Telephone: +44 207 283 2000
E-Mail: helpdesk@aviva.co.uk – Contact for the latest Aviva equity release rates

Access the Aviva Equity Release Calculator here

FCA Reference Number: 310433
Companies Number: 03286484

Related To Equity Release with Aviva:

Some boarded-up houses are in such a poor state of repair they are not suitable for equity release plans.