Aviva

Mark Gregory

Checked for accuracy and updated on 27 February 2023

Aviva are a household name; best known for the range of insurance and pension products they offer. They are also one of the longest standing lifetime mortgage providers in the UK. Aviva’s award-winning equity release products and services have helped over 200,000 people release more than £7 billion of equity from their homes since 1998.

Aviva offer two types of lifetime mortgage: ‘Lifestyle Lump Sum Max’ and ‘Lifestyle Flexible Option’. As their names suggest, the ‘Lifestyle Lump Sum Max’ plan enables you to release a single, one-off lump sum whereas the ‘Lifestyle Flexible Option’ allows you to release an initial lump sum and also set up a reserve fund which you can drawdown against in the future.

The main features that Aviva lifetime mortgages offer include:

• Inheritance guarantees,
• voluntary partial repayments (upto 10%pa of the total amount borrowed),
• enhanced borrowing if you have qualifying medical conditions.

Aviva’s downsizing protection feature allows you to sell your home after 3 years, and repay your lifetime mortgage without incurring any early repayment charges dependent upon the property you move into.

Aviva’s relaxed lending approach now allows them to consider properties with self-contained areas such as annexe’s and holiday lets, plus the inclusion of some commercial use - both within the property and on adjacent land, subject to limits.