Aviva (formerly Norwich Union) have been providing equity release schemes to UK homeowners since 1998. They have assisted over 198,000 people release over £7 billion from their homes in order to enjoy the benefits of their lifetime mortgage plans.
The Aviva Lump Sum Max plan offers a higher one-off tax free lump sum to spend on whatever you wish. The Lump Sum Max interest rate is fixed for life and plans start at age 55.
Aviva specify is a minimum property value of £75,000 with an initial £15,000 minimum withdrawal limit.
The advantage of the Aviva Lump Sum Max plan is that their lifetime mortgage schemes can be tailored to suit your requirements.
Aviva offer selected intermediaries, the use of its new flexi tool which allows them to guide you towards the equity release scheme of your choice and design. This flexibility enables you to select personal options such as a cashback of £0, £500 or £1000, or the option of a free valuation. The choice is yours.
Every additional benefit you choose will affect the interest rate Aviva offer you. This is ideal for those that require a bespoke equity release scheme to suit their own needs, whether its the lowest interest rate, largest cashback or biggest equity release possible.
Aviva's Lump Sum Max product, aims to offer a higher release than normal and at certain ages even offers the maximum release in the whole equity release marketplace.
Additionally, Aviva have recently added an impaired life facility. Similar in principle to an enhanced annuity, here the underwriters check for any previous history of ill-health, such as high blood pressure, cancer, diabetes, smoker or overweight, 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.
This Aviva lifetime mortgage now has the ability to accept unlimited voluntary repayments of upto 10%pa of the original capital borrowed year with NO penalty. This product feature enables control over the future balance of the equity release plan. Indeed, there is now the choice of either maintaining a level balance - by clearing the interest annually, or even full repayment of the equity release mortgage over a defined period.
The Lump Sum Max 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 further flexible feature which has been added applies to joint applications. Now, should one party die, the surviving planholder can then downsize & repay the equity release scheme off without ANY penalty, so long as this is carried out within 3 years of death.
*Reduced £5 application fee period until further notice.
**FREE valuation applies to property valuations upto £1,000,000
***Interest rates on the Aviva Flexi plan start are dependent upon personal health criteria and the options selected.
This rate assumes a female age 76, living in NG11 postcode, with a property valued at £200,000 and releasing equity of £78,300.
Please contact Compare Equity Release on 0800 028 3142 to obtain your personalised illustration.