Aviva Equity Release
Join us as we fully explore Aviva’s range of equity release products, particularly their lifetime mortgage, and find out why Aviva is a trusted provider in the industry.
*No personal details are required to use our free equity release calculator.
Page last updated – 22nd February 2023
Aviva Equity Release: An Overview
Aviva is one of the UK’s largest providers of equity release schemes, with over 200,000 customers served since 1998. According to their website, the average amount released by their customers in 2021 was £71,000.
Aviva Equity Release offers a flexible and accessible way to access the value in your home. With their lifetime mortgage scheme, you can choose between a lump sum or drawdown loan and benefit from a no negative equity guarantee. To be eligible, you’ll need a property worth at least £75,000 and can release a minimum of £15,000. With over 200,000 customers served and an average release amount of £71,000, Aviva is a trusted and reliable provider of equity release schemes.
Aviva Lifetime Mortgage: Access Your Home’s Equity with Lump Sum or Drawdown Loans
Are you looking for a way to release the equity in your home? Aviva Equity Release could be the solution you’ve been searching for. With their lifetime mortgage scheme, you can get a lump sum or drawdown loan secured against your property, without selling your home or moving out.
Lump Sum or Drawdown?
Aviva offers two types of lifetime mortgage loans: lump sum and drawdown.
With a lump sum loan, you’ll receive a one-time payment upfront, which you can use however you wish. This can be a good option if you have a specific expense you need to cover, such as home improvements or medical bills.
With a drawdown loan, you’ll have access to a line of credit that you can tap into as needed. You’ll only pay interest on the amount you borrow, which can make it a more cost-effective option if you don’t need all the money upfront.
Minimum Property Value and Release Amount
To be eligible for an Aviva Equity Release loan, you’ll need to own a property worth at least £75,000. The minimum amount you can release is £15,000, and the maximum amount will depend on your age and the value of your property.
No Negative Equity Guarantee
One of the key benefits of an Aviva Equity Release loan is their no negative equity guarantee. This means that you or your heirs will never owe more than the value of your home, even if the loan amount exceeds the value of the property. This can give you peace of mind and help you plan for the future.
Aviva Equity Release Calculator
Are you considering equity release and wondering how much you could potentially release from your home with Aviva? Our Aviva equity release calculator can give you a rough estimate of how much you could borrow based on your age, property value, and other factors.
It’s important to note that our Aviva equity release calculator provides an estimate only, and not an exact figure. The actual amount you can release may depend on various factors, such as your health, lifestyle, and the type of loan you choose.
To use our Aviva equity release calculator, simply enter your details and answer a few questions about your property and personal circumstances. The calculator will then provide you with an estimate of the maximum amount you could potentially release.
While the calculator can be a helpful tool for getting a rough idea of how much you could borrow, it’s always best to speak to a qualified equity release adviser before making any decisions. An adviser can help you understand your options, answer your questions, and provide tailored advice based on your specific needs and circumstances.
Overall, our Aviva equity release calculator is useful for anyone considering equity release. Just keep in mind that it’s only an estimate and should be used as a starting point for further discussions with an adviser.
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Aviva Equity Release Rates
If you’re considering equity release with Aviva, one of the key factors to consider is the interest rates on their lifetime mortgage loans. Aviva Equity Release interest rates can impact the amount you’ll owe over time, so it’s important to understand how they work and what you can expect.
The interest rates on Aviva Equity Release loans are typically fixed for the life of the loan. This means that you’ll know exactly how much you’ll owe in interest each year, regardless of any fluctuations in the market.
The interest rates on Aviva Equity Release loans can vary depending on a range of factors, such as your age, the value of your property, and the type of loan you choose. Generally, the older you are and the more valuable your property, the lower the interest rate you can expect.
It’s important to note that the interest on an Aviva Equity Release loan is compounded, which means that interest is added to the outstanding balance each year. This can result in a significant amount of interest owed over time, especially if you choose to borrow a large sum of money.
The current best Aviva equity release rate, as of February 2023 is 6.82% (MER) for their Lifestyle Flexible Enhanced Drawdown Lifetime Mortgage and 6.95% (MER) for their Lifestyle Flexible Enhanced Lump Sum Lifetime Mortgage.
Aviva Equity Release Reviews
If you’re considering an Aviva Equity Release product, it’s important to do your research and understand what other customers have to say about their experiences with the company. Reviews from other customers can give you valuable insights into the quality of service, the clarity of information, and the overall customer experience.
In this section, we’ll take a closer look at Aviva reviews, including what customers are saying about the company, and how you can use this information to inform your decision-making process.
Aviva have a very respectable Trustpilot rating of 4.4 out of 5 which is a Trustpilot rating of excellent.
Aviva also have a very respectable reviews.io rating of 4.6 out of 5.
You can also search for individual Aviva equity release advisers on VouchedFor.co.uk
Aviva Equity Release Industry Awards
Industry awards can be a good indicator of the quality of a company’s products and services, and can give customers confidence in their choice of provider. Aviva Equity Release has won several industry awards in recognition of their commitment to customer service, innovation, and product excellence.
In this section, we’ll take a closer look at the industry awards that Aviva Equity Release has won, what these awards mean, and how they demonstrate Aviva’s commitment to providing high-quality Equity Release products and services to their customers.
Aviva Equity Release Terms and Conditions
If you’re considering equity release with Aviva, it’s important to understand their terms and conditions. These terms and conditions set out the key features of the product, including how much you can borrow, how interest is calculated, and what happens if you decide to repay the loan early.
Aviva Equity Release products are designed to provide homeowners with access to the equity in their property. The amount you can borrow will depend on a range of factors, such as your age, the value of your property, and the type of loan you choose.
The terms and conditions of Aviva Equity Release products typically include information on the interest rate, which is usually fixed for the life of the loan. They also outline the minimum property value and minimum release amount, which can vary depending on the product.
Properties Not Suitable For Aviva Equity Release
Aviva Equity Release products are designed for homeowners who are aged 55 and over and who have significant equity in their property. However, not all properties and property ownership structures are suitable for Aviva Equity Release, and it’s important to understand the limitations before applying for a product.
Firstly, Aviva Equity Release products are only available to homeowners who own their property outright, or who have a small mortgage that can be repaid using the proceeds from the Equity Release product. Properties that are subject to a large mortgage or other loans may not be eligible for Equity Release, as the loan will need to be repaid before any funds can be released.
In addition, some types of properties may not be suitable for Aviva Equity Release. For example, properties that are not the homeowner’s main residence, such as holiday homes or buy-to-let properties, are generally not eligible for Equity Release. Similarly, properties that are in poor condition or that have structural issues may not be suitable, as Aviva will need to ensure that the property can be sold for a reasonable price in the future to repay the Equity Release loan.
Finally, properties that are in certain areas or that have unusual features may also be unsuitable for Aviva Equity Release. For example, properties that are in areas with high levels of flooding or subsidence may be deemed too risky for Equity Release, as the value of the property could be significantly affected in the future.
Overall, it’s important to carefully consider the suitability of your property before applying for an Aviva Equity Release product. Working with a qualified equity release adviser can help you understand the limitations and risks associated with Equity Release and ensure that you make an informed decision about whether it’s the right option for you.
Aviva Equity Release Complaints
If you have a complaint about Aviva Equity Release, the first step is to contact Aviva directly to discuss your concerns. Aviva has a dedicated complaints team who will investigate your complaint and work with you to resolve any issues.
If you believe that you have been mis-sold an Aviva Equity Release product, it’s important to raise your concerns with Aviva as soon as possible. Mis-selling can occur when a product is sold to a customer who does not meet the eligibility criteria, or when a customer is not fully informed about the costs, risks, and benefits of the product.
In addition, if you have an issue with an Aviva Equity Release product, you can also contact the Equity Release Council. The council is a trade body that represents equity release providers and advisers and is committed to promoting high standards of conduct and consumer protection within the industry.
To make a complaint to the Equity Release Council, you will need to provide details of your complaint, including any correspondence with Aviva and any relevant documentation. The council will then investigate your complaint and provide a decision, which is binding on Aviva if it is accepted by you.
If your complaint is not resolved to your satisfaction through Aviva or the Equity Release Council, you can escalate your complaint to the Financial Ombudsman Service (FOS). The FOS is an independent body that provides a free and impartial service to help resolve disputes between consumers and financial companies.
It’s important to note that the complaints process can be lengthy and may not always result in a satisfactory outcome. To avoid potential issues, it’s important to work with a qualified equity release adviser who is a member of the Equity Release Council when considering an Aviva Equity Release product. An adviser can help you understand the costs, risks, and benefits of the product, and ensure that you are fully informed before deciding.
Aviva Equity Release Contact Details
Tel: 0808 239 4420
Monday to Friday: 9:00am – 6:00pm
Saturday: 9:00am – 1:00pm
Sunday and Bank Holidays: Closed
Aviva Equity Release Application Process
The application process for Aviva Equity Release is designed to ensure that you fully understand the costs, risks, and benefits of the product and that you have the support and advice you need to make an informed decision about whether it’s the right option for you.
Initial enquiry: The first step is to contact a qualified equity release adviser to discuss your eligibility and suitability for an Equity Release product. You will need to provide details about your property, your age, and your financial situation.
Advice and recommendation: If it’s determined that you may be eligible for equity release, you will work with an adviser to understand the costs, risks, and benefits of the product. The adviser will provide a recommendation based on your individual circumstances, and help you understand the impact on your finances and estate.
Application: Once you have decided to proceed with an Aviva Equity Release lifetime mortgage, you will need to complete an application form. This form will ask for details about your property, your age, and your health, as well as information about any outstanding loans or mortgages.
Valuation: Aviva will arrange for a valuation of your property to determine its current market value. This valuation will be conducted by a qualified surveyor and will consider factors such as the size, location, and condition of your property.
Legal advice: You will need to seek independent legal advice to ensure that you understand the terms and conditions of the lifetime mortgage. This advice will be provided by a solicitor who specializes in Equity Release and ideally, should be a member of the Equity Release Council. You can search their member database here.
Offer: Once all the necessary checks have been completed, Aviva will provide you with an offer for a lifetime mortgage. This offer will include details of the amount you can release, the interest rate, and any fees or charges associated with the product.
Acceptance: If you are happy with the offer, you will need to sign a legal agreement to accept the terms and conditions. Once this agreement has been signed, the funds will be released to you.
How Long Does It Take?
Aviva suggests that the equity release process from start to finish takes between 8 and 12 weeks for a standard case.
Aviva Equity Release Redemption Statement
An Equity Release redemption statement is a document that outlines the total amount required to repay an equity release loan. This statement is typically provided to borrowers who are considering repaying their loan early, or who are in the process of selling their property.
The redemption statement will include the outstanding loan balance, any accrued interest, and any early repayment fees or charges that may be applicable. It will also provide a breakdown of how the total amount is calculated, including the interest rate and any other factors that may impact the final amount due.
It’s important to note that early repayment of an equity release loan can be a complex process, and borrowers should always seek advice from a qualified equity release adviser before making any decisions. In some cases, early repayment may result in significant fees or charges, and may not be the most cost-effective option for borrowers.
If you’re considering repaying your Aviva Equity Release loan early, or if you’re in the process of selling your property, you should contact Aviva to request a redemption statement. This statement will provide you with a clear and detailed breakdown of the total amount due, and can help you make an informed decision about your finances.
Aviva Intermediaries is a program designed specifically for financial advisers and intermediaries who work with clients interested in equity release. The program offers a range of benefits and resources to help advisers provide high-quality advice and support to their clients.
One of the key benefits of the Aviva Intermediaries program is access to a dedicated team of equity release specialists. These specialists can provide expert guidance and support to advisers, helping them to navigate the complex world of equity release and find the best solutions for their clients.
In addition to specialist support, Aviva Intermediaries offers a range of tools and resources to help advisers with everything from marketing to compliance. These resources include marketing materials, product information, and training opportunities, as well as access to a secure online portal for managing client accounts.
Aviva Intermediaries also offers competitive commission rates and a range of payment options to suit the needs of individual advisers. This can help advisers to maximize their earnings while providing valuable services to their clients.
Overall, Aviva Intermediaries is a valuable program for advisers looking to work with clients interested in equity release. The program offers a range of benefits and resources to help advisers provide high-quality advice and support and can help advisers build up their business and increase their earnings over time.
Aviva Equity Release is a flexible and reliable way for homeowners to access the equity in their property. With a range of products and options to choose from, Aviva Equity Release can help homeowners to fund their retirement, pay off debts, or make home improvements.
One of the key benefits of Aviva Equity Release is the no negative equity guarantee. This means that homeowners will never owe more than the value of their property, even if the outstanding loan amount exceeds the property’s value at the time of sale.
Aviva Equity Release also offers competitive interest rates, fixed for the life of the loan, and a range of payment options to suit the needs of individual homeowners.
To ensure you make an informed decision, it’s important to speak to a qualified equity release adviser before committing to an Aviva Equity Release product. An adviser can help you understand the costs, risks, and benefits of equity release, as well as explore alternative options that may be available to you.
Overall, Aviva Equity Release is a reliable and flexible way for homeowners to access the equity in their property. With the right advice and support, homeowners can make informed decisions about their finances and enjoy a comfortable retirement.
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