Aviva has been providing equity release to customers since 1998 and has helped over 140,000 individuals release money from using one of their lifetime mortgages or equity release plans. Aviva has even won an award for being the best equity release lender in 2013. That being said, the lifestyle flexible option through Aviva offers competitive features for those looking for an innovative equity release. This lifetime mortgage offers consumers the ability to tailor their equity release to their exact needs.
This unique lifetime mortgage allows consumers to borrow a smaller initial loan to start their equity release. However, that same consumer can always come back to tap into their equity release for a bigger loan in the future. This is an incredible feature for anyone who does not want to borrow a large amount straight away. Instead, they can borrow only what they need to start and if they find that they need extra in the future, they can tap into their reserve. This reserve is always available and can be borrowed from at any time. Borrowing from the reserve requires a minimum loan of £2,000 but there are absolutely no administration fees for drawing on the reserve to borrow more equity. The interest rate of the initial loan is fixed but any additional withdrawals will have the interest rate applicable at the time of the additional withdrawal.
The Aviva flexible lifetime mortgage offers several other unique features to consumers. The options available can be tailored to the customer, to ensure an individualized equity release scheme. First, you can decide if you’d like a free valuation or would rather have cashback. Cashback is available in amounts of £0, £500 or £1000. The free valuation is available for properties worth up to £1,000,000.
This is not the only unique feature to the Aviva Lifestyle Flexi Plan. There are a number of other benefits available. Choosing additional benefits will affect the interest rate. The rates for the plan range from 5.68% to 7.83%, depending on the options chosen. However, choosing this plan can allow you to customize the plan to fit your specific needs. The additional options of the Aviva flexible lifetime mortgage are only available through intermediaries such as Equity Release Supermarket.
In order to qualify for the Aviva Lifestyle Flexible Plan, customers must be aged 55 or over and have a property value that is at least £75,000. To start, a minimum of £10,000 must be initially borrowed. Plans are available in England, Scotland, Wales & Northern Ireland.