Aviva - Lifestyle Flexible Option
Scheme Name: Aviva - Lifestyle Flexible Option
Interest Rate: 4.50%
£5 Application Fee*** | Voluntary Partial Repayments allowed upto 10% with NO penalty | Upto £1000 CASHBACK + FREE Valuation Offer* | **Interest rates dependent upon personal criteria
Aviva (formerly Norwich Union) has been providing equity release solutions to UK homeowners since 1998. To-date Aviva Equity Release has assisted over 198,000 people enjoy the benefits of their lifetime mortgage products to the tune of almost £7 billion in lending.
The Aviva Flexible lifetime mortgage allows you to take a lower initial loan and have access to a reserve facility available for you to call on in the future, as & when required.
The reserve facility is available indefinitely & you can withdraw funds at any time without further approval & subject to a minimum of £2,000. There are no administration fees for taking additional withdrawals.
The advantage of the Aviva Lifestyle Flexi plan is that the scheme can be tailored to suit your requirements; where you can select options such as a cashback of £0, £500 or £1000, or the option of a free valuation. The choice is yours.
Each additional benefit you select will affect the interest rate you are offered, which is ideal for those that require a bespoke equity release plan to suit their needs. These features are only available through selected intermediaries such as Equity Release Supermarket.
The interest rate on the initial cash withdrawal is fixed, however any subsequent withdrawals will be at the rate applicable at that time.
Plans start at age 55 & there is a minimum property value of £75,000 with a £10,000 minimum initial withdrawal limit.
The Aviva Lifestyle Flexi now has the option of being able to repay upto 10% of the original capital borrowed each year with no early repayment charges. This is an exciting feature which means that control can be taken over the future balance of the plan. In fact you have the choice of maintaining a level balance, or even full mortgage repayment over 15-16 years!
This product now has the option of an inheritance guarantee. This ensures a percentage of the final sale value is guaranteed to be passed onto the beneficiaries. This option comes with the expense of a slightly higher interest rate to the standard equity release product.
A final feature which has been added applies to joint applications. Should one party die, the survivor can downsize & repay the equity release scheme with NO penalty, so long as this is carried out within 3 years of the event.
*Free valuation applies to properties worth upto £1,000,000.
**Interest rates on the Aviva Flexi plan are dependent upon personal health criteria and options selected. This quote assumes a male age 62, living in BS11 9RR with a property valued at £215,000 releasing £32,000 initially with £15,150 in a cash reserve.
***£5 Reduced Application Fee applies to applications until further notice.
Our equity release advisers can design your plan around your requirements, call 0800 678 5159 to speak to your local adviser today.