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.
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, 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 £78,300.
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.