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Your guide to Aviva equity release

Find out if Aviva offers the equity release options you need and if you’re eligible

Introducing Aviva equity release

For UK homeowners aged 55 or over, a lifetime mortgage is far and away the most popular form of equity release – and Aviva is one of the major UK providers. With a lifetime mortgage, you could release tax-free cash without having to move. A bonus with Aviva equity release and some other providers is that you also have the option of moving if you wish.

But Aviva is just one of many providers, so are their equity release products right for you? In our guide below we look at what Aviva equity release offers, how an Aviva equity release calculator works and the service available from an Aviva equity release advisor.

Also, through our selected equity release advisers you can compare Aviva lifetime mortgages with equity release plans from other leading providers. To find out how much you can release, check here or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back. 

Did you know?

Each year over 70,000 UK equity release plans are agreed, according to the Equity Release Council, with the majority being lifetime mortgages – the type of equity release offered by Aviva.

What equity release plans does Aviva offer?

Aviva specialises in the UK’s most popular form of equity release known as a lifetime mortgage. It’s a way to borrow money against your home without having to make any repayments, so it could be a good way to access tax-free cash if you need money now but don’t have enough income to take out a regular loan.

There are two versions of the Aviva lifetime mortgage:

  • Lump Sum Max lets you borrow a one-off lump sum of at least £15,000.
  • Lifestyle Flexible is a form of drawdown lifetime mortgage that lets you borrow an initial release of at least £10,000, followed by payments from a reserve of at least £5,000.

With both Aviva plans, you can reduce the amount of loan outstanding when the plan ends by making voluntary partial repayments to Aviva with no early repayment charge. This is subject to Aviva equity release terms and conditions, including a maximum annual repayment of 10% of the amount you have borrowed. Repayments beyond these limits may incur early repayment charges. There is also a £50 minimum repayment on each instalment.

Aviva also offers enhanced lifetime mortgage versions of its plans. With these plans, you could benefit from higher tax-free cash releases or lower interest rates if you are living with certain health conditions or lifestyle factors.

As with all lifetime mortgages, these are loans secured on your property that are usually paid back through the same of the home when you pass away or go into residential long- term care. In the meantime, you keep full ownership of your home and can use the tax-free cash however you wish.

What’s missing from the Aviva equity release product range?

It may be of interest to know that the Aviva equity release product range doesn’t include an interest-only lifetime mortgage. This type of equity release lets you make voluntary monthly interest payments on your loan. Paying the full interest each month means the amount owed won’t increase over time, unlike Aviva’s lifetime mortgages where the interest is added to the loan and builds up on a compound basis.

An interest-only plan can protect more of your loved ones’ inheritance, which is why many people who can afford to make interest payments choose this type of lifetime mortgage. It means that more of your home’s value will be available after the loan is repaid when you pass away or move into long-term care.

Also, Aviva equity release doesn’t include home reversion plans. This is an alternative to a lifetime mortgage where you sell all or part of your home in exchange for a tax-free cash lump sum or income. You can then remain in your home rent-free for the rest of your life or until you move into long-term care. It’s a fairly uncommon option, but one that may be suitable – and our selected advisers can see if it’s right for you.

To look at your options beyond Aviva, please get in touch with us. Our selected advisers bring you access to the best deals from leading equity release providers. To find out how much you can release, check here or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back

How much equity can I release with Aviva?

As with other providers, Aviva equity release loan amounts depend on the age of the youngest homeowner, and Aviva are like many other providers in that borrowers must be 55 or over. The older you are, the more you can borrow.

The value of your property will also be relevant. Aviva don’t publish a minimum and maximum figure but release levels across providers typically range from 5% to 50% of the property’s value. Aviva typically arrange for a valuer to look at your house before moving forward with your application. You can of course estimate your property’s value as a basis for an estimate of how much you can borrow.

Your health and lifestyle can also be taken into account. With Aviva’s Lifestyle Flexible product, you may get a lower interest rate if you live with certain medical conditions or lifestyle factors. With Aviva’s Lifestyle Lump Sum product, these may qualify you for a lower interest rate or a higher release level.

It’s also worth mentioning that with Aviva equity release, the minimum amount you can release is £15,000. With some other lenders, the minimum is £10,000. This may be something to remember if you are looking to limit your borrowing through equity release as much as possible.

To find out how much you could borrow, but without limiting yourself to Aviva, use our free equity release calculator or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

Check your eligibility image aviva

Am I eligible for Aviva equity release?

Each lender has their own criteria for a lifetime mortgage, but with Aviva you must:

  • Be a UK resident, excluding the Isle of Man and the Channel Islands
  • Be aged 55 or over; if you apply for a lifetime mortgage as a couple, both applicants must be 55 or older
  • Own a home with a value of £75,000 or more that is your main residence – some lenders have a minimum threshold of £70,000
  • Wish to borrow £15,000 or more – some lenders yet you borrow as little as £10,000
  • Be mortgage free, or have just a small mortgage remaining

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and equity release advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

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Already have a lifetime mortgage?
You could switch for a better deal

Now could be a good time to switch to a different lifetime mortgage. You may be able to release more tax-free cash due to being older than when you took out your existing plan. An increase in your property’s value or being in poorer health could also qualify you for further cash. Interest rate changes may also save thousands over the lifetime of your plan.

Why not arrange a free review* to find out if switching works for you?

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Can I get equity release direct from Aviva?

Aviva don’t offer equity release products directly to consumers. Instead, they refer customers to financial advisers who advise exclusively on Aviva equity release plans. In effect, you’ll be dealing with an Aviva equity release adviser and you won’t have access to the best quotes and deals from other UK equity release providers.

With Equity Release Wise however, our selected financial advisers have access to leading equity release providers. This means that you could benefit from the latest products, features, deals and interest rates from multiple providers – and won’t be tied down to an Aviva equity release adviser offering only Aviva lifetime mortgages.

What happens when you use an Aviva equity release calculator?

The same principle applies if you go down the route of using an Aviva equity release calculator. You could use the equity release calculator Aviva features on their website, but it will not lead to a review of what plans are available from other leading providers.

By talking to our selected advisers, you will gain access to equity release plans from a number of leading providers. This will give you more choice than simply relying on the equity release calculator Aviva offers.

Also, as with all online calculators, the Aviva equity release calculator won’t give you a totally accurate indication of how much cash you can release. The actual amount you can release will be based on more extensive information about you and your property. Our selected advisers can talk this through with you, and then obtain accurate quotes for you to compare. 

Do I need equity release advice?

In order to decide which provider and plan is right for your equity release needs, we recommend that you speak with a specialist equity release adviser. Equity release is a complicated product and is not for everyone. There may be better ways you can meet your financial needs, so advice to understand all your options is important.

In fact, the Financial Conduct Authority (FCA) Handbook is very clear about the need for advice. It states that firms should only work on an ‘execution only’ basis without advice where the client rejects the offer of advice, can identify which product they want, and accepts that they will not be protected by the FCA’s rules and standards for advisers.

We support the FCA’s stance on advice. Equity release is not for everyone, and our selected advisers will help make sure you are making fully informed decisions. What’s more, unlike an Aviva equity release adviser, our selected advisers will obtain quotes from a variety of providers. Call us on 0808 178 3055 or request a call back and we will arrange an appointment for you.

Is Aviva equity release right for me?

Aviva is a trusted name in UK financial services and they are firmly established as an equity release provider. Aviva say that they have ‘helped over 250,000 people release more than £8 billion since 1998’. They have also won numerous awards for their lifetime mortgage products, including from Moneyfacts, What Mortgage and the Personal Finance Awards.

Aviva equity release reviews

Aviva also has good reviews from consumers. Although on Trustpilot there are very few Aviva equity release reviews, the company as a whole has a score of 4.4 out of 5 from its customers (at the time of writing).

Additional sources of Aviva equity release reviews are those provided by financial journalists and equity release broker firms. For example, The Times includes the company in its ‘Top equity release providers’ list.

Aviva lifetime mortgage products

When it comes to the actual products, Aviva lifetime mortgages offer flexibility including:

  • A drawdown option where you can take flexible payments over time
  • A way to safeguard a percentage of your property’s value as an inheritance for your loved ones
  • The ability to move your Aviva lifetime mortgage to a new property, subject to lending criteria
  • No early repayment charge if you move and the new property doesn’t meet Aviva lifetime mortgage lending criteria, subject to Aviva equity release terms and conditions

But don’t forget that there are other equity release providers, each with their own lending criteria and product options and features. It may be that there is a better choice than an Aviva lifetime mortgage for your circumstances and needs. This is why you should take professional advice before committing to an equity release plan.

Which other companies offer equity release?

Aviva equity release is just one of your options, so why not compare plans from more providers to get the best deal? Equity Release Wise can arrange this for you, with a search across plans from a number of the leading providers.

Here are just some of the leading equity release providers the search will cover. All of them are of course authorised and regulated by the Financial Conduct Authority and are members of the Equity Release Council

aviva logo
canada life logo
just logo
pure retirement logo
crown equity release logo

Apply for your no-obligation equity release quote

Find out if you qualify for equity release and how much you could borrow. Just click ‘Get started’ or call us on 0808 178 3055 and one of our team will be delighted to help arrange a free consultation and quote*.

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Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • Is Aviva equity release available in Scotland, Wales, Northern Ireland and England?

      Yes, Aviva equity release is available across the UK. There are certain criteria that differ from country to country however, and our selected advisers will be able to provide information about your eligibility for Aviva equity release and plans from other providers.

  • Do I need to talk to an Aviva equity release adviser?

      No, you don’t have to talk to an Aviva equity release adviser to take out an Aviva lifetime mortgage. In fact, we would recommend that you deal with an adviser who can search a wider range of products from leading equity release providers to find you the best products, features and deals for your circumstances.

  • Where can I find an Aviva equity release calculator?

      Most providers will offer their own calculator, and Aviva is no exception. But we suggest that instead of tying yourself down to just one provider with an Aviva equity release calculator, you instead get a review of what equity release plans are available to you from multiple providers.  Equity Release Wise can arrange a comparison of plans from a number of the leading providers. 

  • What are Aviva’s equity release interest rates?

      Interest rates change daily, and our selected equity release advisers have access to top UK equity release providers. By talking to them, you can compare plans and interest rates from several leading equity release providers. 

      And remember: most lifetime mortgages will be arranged on a fixed interest rate, so your plan won’t be affected by rising interest rates if you choose a fixed-rate plan.

  • What are the potential risks of a lifetime mortgage?

      A lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. But it’s important to understand lifetime mortgage pros and cons before deciding if it’s right for you, so here are some potential risks you need to be aware of: 

      • Interest is calculated daily and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends, unless you choose to make interest payments while the plan is running.
      • Taking equity out of your home will mean that the inheritance you leave to loved ones will be reduced.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future.
      • You may have to pay an early repayment charge if you choose to pay back some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected. 

Which type of equity release is best for you?

See the links below for guides to the different types of equity release, or call us on 0800 158 8880 or request a call back to arrange a consultation with our selected equity release advisers.

Product lifetime mortgage icon

Lifetime mortgage

Turn wealth tied up in your property into a cash lump sum if you’re a homeowner aged 55 or over. You retain full ownership and can stay there until you pass away or move into long-term care.

Read more about lump sum lifetime mortgage plans
Product drawdown icon

Drawdown lifetime mortgage

Instead of withdrawing the maximum amount available right away, you take an initial cash sum, then additional funds as and when you need them. This helps to reduce the total interest you pay.

Learn more about drawdown lifetime mortgage plans
Product interest only icon

Interest-only lifetime mortgage

Often seen as the most cost-effective method of equity release. You make voluntary interest payments to reduce or prevent compound interest building up. You can stop these payments at any time.

Discover more about interest-only lifetime mortgage plans
Product enhanced icon

Enhanced lifetime mortgage

Certain health conditions or lifestyle factors could qualify you for higher cash releases or lower interest rates. A simple questionnaire is all that’s needed to check eligibility.

Read more about enhanced lifetime mortgage plans
Product home reversion icon

Home reversion

A type of equity release where you sell all or part of your property at less than market value in return for a lump sum, a regular income, or both. You stay in your home as a tenant, paying no rent.

Learn more about home reversion

Still have questions?

We hope this information has been useful, but we know that you may need to talk through your circumstances and any unanswered questions. Call us today or request a call back and a friendly equity release consultant will be happy to help.

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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.