Aviva, once known as Norwich Union, has been providing equity release schemes to customers since 1998 and has helped over 140,000 individuals find the cash they need through using one of Aviva’s many lifetime mortgages or equity release plans.
There are several advantages to the Aviva Lump Sum Max. First, it allows you to accept your loan as a one-time large lump sum. So, you can use this cash for various uses such as debt consolidation or make a larger purchase rather than having to save up payments. In order to take advantage of this lump sum option with this Aviva product, you have to withdraw a minimum of £15,000.
The second advantage to the Aviva Lump Sum Max is that it allows you to tailor the scheme to your needs. It does so through their Flex Tool facility that will guide you toward the right equity release plan for your individual needs. While doing so, you can add other features that you may need or want, either now or in the future. For example, you may opt to receive a free valuation or may choose to take advantage of a cashback such as £500 or £1000. These cashbacks can help towards covering the set up costs of the plan. This unique Aviva Flexi tool is available via selected intermediaries only.
Some other features of the Aviva Lifestyle Lump Sum Max include:
– There is ‘no negative equity’ guarantee so you never have to repay more money than you received when your home is eventually sold.
– You can safeguard a percentage of the sale price of your home if you’d like to leave behind some kind of inheritance to your beneficiaries with the Inheritance Protection feature.
– There are several factors that will impact just how much you can release from your property, including the value of the property and your age.
– No repayments are necessary, therefore no effect on monthly budgets
– There is the potential to transfer the lifetime mortgage to a new home if you decide to move
– Though not always guaranteed, there may be the possibility of additional borrowing in the future
This product accepts customers aged 55 or older, with the loan-to-value ratios increasing yearly as you get older. This rate is fixed for 14 weeks from the day the application form is completed. There are other requirements to qualify for the product. You must have a property in Engalnd, Scotland, Wales or Northern Ireland that has a value of at least £75,000. For those looking for a product that will allow them to receive a larger one- time payment, the Aviva Lump Sum Max may be perfect, given all of the features that can be chosen to go with it.