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Aviva Lifestyle Lump Sum Max Rates & Details

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Compare Deals Lump Sum Lifestyle Lump Sum Max

Lifestyle Lump Sum Max

  • Type Fixed
  • Rate 3.43%
  • APR 3.50%
Incentives:
  • Cashback
  • Free Valuation
Offers:
  • Reduced Application Fee - £5*
  • Inheritance Guarantee
  • 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 200,000 homeowners since inception in 1998 and in doing so have £7 billion in released equity.

Aviva provide a range of flexible drawdown lifetime mortgage plans and high maximum lump sum plans with the ability to also take health and lifestyle into consideration. In addition, Aviva Equity Release also provide balance control measures with their flexible 10% voluntary 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 Lump Sum Max scheme is specifically designed for homeowners looking for a higher equity release lump sum than its drawdown version. The Lump Sum Max plan is a single lump sum plan with NO drawdown facility option.

The minimum property valuation applicable to the Lump Sum Max Mortgage 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 the few lenders to offer equity release schemes in Northern Ireland. Aviva will only take into consideration 85% of the current market valuation of flats.

Aviva's Lifestyle Lump Sum 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 release of equity on the Aviva Lump Sum Max plan is £15,000. For loans greater than £1 million, bespoke quotations are available via Equity Release Supermarket. Please call us on Freephone 0800 802 1051for your personalised Key Facts Illustration.

Features

The Aviva Lifestyle Lump Sum Max Option is a single lump sum lifetime mortgage scheme which provides an initial tax-free lump sum cash release for immediate use. This is ideal for those needing access to immediate cash and the largest amount possible at a potentially lower interest rate than many other maximum release plans in the market.

A generous free valuation of upto £1 million is offered along with a fixed equity release lifetime interest rate on the lump sum. Additional borrowing is available in the future, subject to age & property value & Aviva's future lending terms.

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 Lump Sum Max equity release scheme 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 Aviva's Equity Release plans 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.

These Voluntary Partial Payments help manage to control the future balance of the lifetime mortgage scheme UK. This is to either reduce the roll-up effect of the interest, pay off just the interest-only, or even reduce the future balance by utilising the full 10% allowance each year until effectively it's repaid in full.

A further option for inclusion is the Inheritance Protection feature, where 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 Lump Sum Lifetime Mortgage Plan comes with the option to include enhanced terms dependent upon the health conditions of the homeowners. Therefore, if poor health can be evidenced then more favourable terms can be offered by way of an even higher maximum capital lump sum.

As part of the Lump Sum Max 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.

Additionally, there is the option to accept or decline the free valuation offer. By paying for the valuation upfront will reduce the equity release rate of interest on Aviva's plans.

Therefore, all the lifestyle choices of cashbacks and valuations have a bearing on the equity release terms offered and can be designed to suit the homeowner's requirements. The Aviva equity release interest rate quoted above is the lowest rate available under this plan based on specific lifestyle options selected.

*£5 reduced application fee available 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 and property details

Above Aviva interest rates are based on female age 76, living in NG11, with a property valued at £200,000 and releasing equity of £84,000.

To obtain further information or to request a quotation on the Aviva Lifestyle Lump Sum Max Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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