This Aviva Lifestyle Enhanced Lifetime Mortgage plan enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments. 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.
Aviva place no limit on the number of repayments they will allow in any 12 month period, as long as the 10% limit isn't surpassed. This helps manage control the future balance of the UK lifetime mortgage scheme, either to reduce the roll-up effect of the interest, pay off the interest only or even reduce the future balance by using the full 10% allowance.
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 Enhanced equity release plan comes with enhanced terms which determine the maximum lump sum dependent upon the health conditions of the homeowners. Alternatively, if poor health can be evidenced then more favourable terms can be offered by way of a further reduced equity release interest rate to their standard terms.
As part of the Lifestyle 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. The rate quoted above includes £1,000 cashback.
Additionally, there is the option to accept or decline the free valuation offer. By paying for the valuation upfront will actually reduce the equity release rate of interest on Aviva's plans. Therefore, all the lifestyle choices of cashbacks and valuation all have a bearing on the equity release terms offered & can be designed to suit the homeowner's requirements. The equity release interest rate quoted above is the lowest rate available under this plan based on specific lifestyle options selected.
*£5 reduced application fee 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
Male age 62, living in BS11 with a property valued at £215,000 releasing £32,000 initially with £12,505 in a reserve.
To obtain further information or to request a quotation on the Aviva Lifestyle Enhanced Lifetime Mortgage Scheme, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.