Aviva - Lump Sum Max
Scheme Name: Aviva - Lump Sum Max
Interest Rate: 5.00%
£5 Application Fee*** | Partial Voluntary Repayment permitted upto 10%pa with NO penalty | Upto £1000 CASHBACK + FREE Valuation offer* | Enhanced Rates Available | 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 Lump Sum Max plan offers a one off higher lump sum to spend on whatever you wish & the interest rate is fixed for life.
Plans start at age 55 & there is a minimum property value of £75,000 with a £15,000 minimum withdrawal limit.
The advantage of the new Aviva Lump Sum Max plan is that the scheme offers a higher maximum lump sum and 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.
This Aviva equity release scheme 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 assuming the maximum 10%pa is repaid!
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 applied 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.
Aviva's Lump Sum Max product, aims to offer a higher release than normal & at certain ages even offers in certain circumstances the maximum release in the equity release marketplace.
Aviva have recently added an impaired life facility to this product. Therefore, if there has previously been a history of ill-health, then a further enhancement to the standard lump sum could apply.
If you feel that you may qualify please do not hesitate in contacting us to establish eligibility for the enhanced lifetime mortgage equity release scheme.
*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 rate 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 Equity Release Supermarket adviser today.