Aviva Lifestyle Flexi Mortgage
  • Rate: 5.10%
    APR: 5.20%
    Offers: FREE valuation option | Upto £1000 cashback | Enhanced Rates | 10% Flexible Repayment Option with NO Early Repayment Charges

Aviva is one of the most reputable and trusted lenders in the equity release and lifetime mortgage marketplace as they have over 15 years of lending experience. This lender has aided over 100,000 clients with their many financial products and services. The Lifestyle Flexi Mortgage offered by Aviva provides homeowners the ability to release a smaller up-front loan and now the ability to control the future balance by making ad-hoc voluntary repayments of interest and/or capital. That means that the homeowner is able to release equity on only what they need up-front while also being able to control their beneficiaries inheritance. This creates a sense of security that is not always provided by other lifetime mortgage schemes.

Homeowners are able to release additional money from this cash reserve fund without further lending approval. The cash reserve can be drawn from at any time provided that the homeowner is prepared to withdraw a minimum of £2,000 per withdrawal.

This particular product is incredibly flexible, allowing homeowners several options when it comes to cashback and other incentives. Homeowners can choose one of three options when it comes to cash back including £0, £500, and £1,000. There is also an option available for a free valuation on properties upto £1million. Each of these options will affect the applicable interest rate for the homeowner. However, these options are available to all homeowners and the choice is theirs as to what options will serve them and their specific needs best. The interest rate that applies on the initial cash withdrawal is fixed for the lifetime of the loan but each subsequent withdrawal from the cash reserve will be subject to the interest rate available at that particular time. This scheme ca be designed around your equity release needs.

Not only is this product flexible in its available features but it also provides a voluntary repayment option that is second to none when it comes to the lifetime mortgages currently available in the marketplace. Now, Aviva gives homeowners the opportunity to repay up to 10% of the original amount borrowed each year. This repayment can be performed without incurring any early repayment fees or charges. The minimum repayment is £500pa & the first repayment cannot be made for a year following inception of the Aviva equity release plan.

This means that homeowners are essentially able to determine how much money will be due back to the lender when the home is eventually sold. That means that homeowners are able to determine the impact their lifetime mortgage will have on their beneficiaries when it comes time to pay back the loan. Effectively, the Aviva Lifetime Flexible Plan could be used as a capital & repayment mortgage & repaid in full over a number of years which your equity release adviser can calculate for you upon request.

In order to qualify for the Aviva Lifestyle Flexi Mortgage, homeowners must be at least 55 years old and they must have a property with a minimum valuation of £75,000. The first withdrawal must be at least £10,000 and each subsequent withdrawal from the case reserve must be at least £2,000.

Aviva have also added another new feature to their Lifestyle Flexi Plan. This is that on joint life plans should one party die or move into care the surviving partner can downsize within 3 years of this event & repay in full with NO early repayment charges. Another great feature from Aviva that may prove invaluable to the over 55’s.