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Aviva Lifestyle Flexible Enhanced Rates & Details

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Lifestyle Flexible Enhanced

  • Type Fixed
  • Rate 7.00%
  • APR 7.40%
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Incentives:
  • Free Valuation
Offers:
  • Reduced Application Fee - £5*
  • Inheritance Guarantee
  • 10%pa Voluntary Partial Repayments
  • 3-year No Early Repayment Charge**
  • Bespoke Interest Rates***

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 270,000 homeowners since inception in 1998 and in doing so have facilitated £10 billion in released equity.

Aviva provide a range of flexible drawdown lifetime mortgage plans and lump sum plans with the ability to also take health and lifestyle into consideration. Added to this, Aviva Equity Release also provide balance control measures with their flexible 10% partial repayment facility. With the largest brand name in the equity release industry, Aviva have become synonymous with a name you can trust.

Eligibility

The Aviva Lifestyle Enhanced Drawdown Lifetime Mortgage Plan scheme is specifically designed for homeowners looking for either one of the lowest equity release interest rates, combined with the flexibility of a lifetime mortgage drawdown scheme; or they can take advantage of any poor health to obtain a higher than standard equity release lump sum.

The minimum property valuation applicable to this Aviva Enhanced Drawdown Lifetime Mortgage plan is £75,000 with no maximum, however please contact us directly on properties over £1 million.

Property location which must be a main residence, needs to be located within England, Wales, Scotland and Aviva are one of only a couple of lenders in Northern Ireland. Aviva will only take into consideration 85% of the current market valuation of flats.

Aviva's Enhanced Lifetime Mortgage is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and no upper age restriction.

The minimum equity release on the Aviva Impaired Life plan is £10,000 with a mandatory minimum reserve facility of £5,000 to accompany this, if selected. If the option taken is for no drawdown facility & an outright single maximum lump sum requirement, then the smallest loan amount increases to £15,000. For loans greater than £1 million, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 088 5898 for your personalised Key Facts Illustration.

Features

The Aviva Lifestyle Ill-health plan is an enhanced drawdown lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use, with any remaining unused cash being retained in a cash reserve facility. This is ideal for those needing access to immediate cash but with a further drawdown amount in the future and one of the lowest equity release interest rates possible. The minimum withdrawal amount from the cash reserve facility is just £500 with no further administration charges for any additional drawdown amounts taken.

A generous free valuation of upto £1 million is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Any further withdrawals would be at the interest rate applicable at the time of withdrawal.

Aviva are members of the Equity Release Council all their plans come with a no-negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt to the equity release provider.

For joint applicants there is an added protection feature for the last survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage back to Aviva within 3 years of this event with NO penalty.

Options

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.

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 have free valuation and 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.

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