There are no repayments to make before then and you still own your home. Once you have read the Aviva review, you can compare equity release reviews with other providers, or use the calculator to see how much cash you could release from your property. You continue to live in your property but will need to ensure it is in a good state of repair, it is insured and that all bills relating to the property such as utilities and council tax are paid. 2. Valuation fee as small as £320. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. our partners for featured placement of their products or services. Second charge mortgages can allow borrowers to finance big projects, like home improvements. We are a credit broker and not a lender and London, SE1 9RS. This lifetime mortgage plan allows you to borrow a lump sum cash payment of £15,000 or more with the option of borrowing a further amount at a later date, subject to your age and value of your home. Find the information you need to know about Aviva Equity Release lifetime mortgages in this review, use the calculator and discover how much you can raise tax-free with Aviva Equity Release. VAT number: 259751759. Equity release is becoming more and more popular in later-life planning. Aviva has made changes to its lifetime mortgages, simplifying the application process and introducing a … Aviva. April 25, 2014. If you're not certain, seek independent advice. ZA227007. The interest rates on an equity release plan are higher than on standard mortgages as you are not required to make any repayments through the term of the mortgage. There are two main types of equity release: lifetime mortgages and home reversion plans. It has two options: Lifestyle Lump Sum Max, where you borrow a one-off sum from £15,000 upwards; and Lifestyle Flexible Option, where you borrow an amount from £10,000 and then have a cash reserve of at least £5,000 to draw on as you wish. Equity release is a way of unlocking the equity in your home without moving to give you cash to spend. Discover how a lifetime ISA works, how to find the best lifetime ISA and more. that aims to provide you with the tools you need to make better unsure you should get independent advice before you apply for any May 19, 2014. A fixed interest rate will be applied to the loan throughout its term depending on rates at the time you take the plan out and the product chosen. Do I need to be mortgage-free to take out equity release? Aviva shakes up equity release policy By Imogen Tew. How much you can borrow depends on your age and the value of your property as well as the specific product you choose, although you may be able to borrow more later on. The above equity release providers are all members of the equity release council so these are not equity release companies to avoid. Thomas St, London, SE1 9RG. Pure Retirement. About the Aviva Brand Aviva is among the longest running brands in the equity release market and has been members of the Equity Release Council since 1991. No advisor fee is taken. Aviva Equity Release Loans You can move house and take your lifetime mortgage with you without paying early repayment charges as long as your new home meets certain criteria, although you may have to repay part of the loan if it’s a lower value property. Search for Equity Release near you, or submit your own review. Retirement Advantage. Aviva equity release, one of the most established equity release plan providers in the UK, have made available lifetime mortgage plans to over 150,000 consumers since 2000. To qualify for an Aviva equity release scheme, the following must apply: For a quick indication of the amount of money you could release from your home, the Aviva website has an equity release calculator that you can use based on your age, type of property and the value of your home. This is only a guide and not a guarantee so you would need to speak to one of their advisers if you wanted a more accurate figure. This means there may not be much money left over when the loan is eventually paid back following the sale of your property and the amount you can leave as an inheritance may be greatly reduced. As it’s not designed to be repaid before you die or move into long-term care, you’ll have to pay hefty early repayment charges if you need to pay it off early in full. Equity Release Supermarket Case Review. Your property has to be in the UK and worth at least £75,000 and you’ll need to borrow at least £15,000 and have a home that lets you do this. 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