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Equity Release

Lifetime mortgages

Simply explained a lifetime mortgage is a long term loan secured against your home which is repaid when you die or go into long term care.

The benefits to you

  • You receive an amount of money to spend on whatever you want.
  • You keep ownership of your home and can continue to live there until you die or go into long term care, as defined in our terms and conditions.
  • You don't have to make any monthly repayments during the lifetime of the loan, as the loan and interest are rolled up and repaid by the sale of your property when the plan ends. This is normally when you die, or move into long term care, as defined in our terms and conditions.
  • You can still move if you want to, as long as your new property meets our lending criteria at the time.
  • Our 'no negative equity guarantee' means you'll never have to repay more than the money you receive from the sale of your property as long as it is sold for the best price reasonably obtainable.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Things to think about

  • A lifetime mortgage charges interest on the total amount of the loan including the interest that has already accumulated, so the amount owed will quickly increase.
  • Taking a cash lump sum and the costs involved will reduce the value you have in your home and the amount of inheritance you are able to leave.
  • Although the amount of inheritance you can leave will always be reduced by equity release you can choose our inheritance guarantee to ensure you can leave something for your loved ones.

    However, this will reduce the amount of money you can borrow and may affect the interest rate applied. Find out more about our lifetime mortgage inheritance guarantee.

  • It's a good idea to involve your family in the decision making process.
  • If you have an existing mortgage on your home, you would have to use the money you release to pay off the existing mortgage first, but then you would be free to spend it as you wish.
  • You don't have to pay tax on the amount you borrow, but it may affect your tax position and entitlement to means tested benefits.
  • A lifetime mortgage is a long term commitment – it can be expensive if you decide to repay the loan early and you may have to pay a substantial early repayment charge.
  • Please note that lifetime mortgages are not suitable for the following property types; freehold flat or maisonette, studio or basement flat, flat or maisonette in a local authority or housing authority block of more than four storeys, mobile home or houseboat, farm or small holding being used for agriculture, hotel, retirement property, guest house or B&B.
  • Minimum age and property values apply.

Lifetime mortgages are not available in the Channel Islands and the Isle of Man.

WC07043 01/2014

Contact us

For more information call us on

0800 404 6220

Monday to Friday
9.00am - 6.00pm
Saturday
9.00am - 2.00pm
Sunday
Closed

Calls are free from a BT land line. Costs may vary from mobiles and other networks.

Or alternatively arrange for us to call you back at a time convenient to you.

For our joint protection, telephone calls may be recorded.

Are you eligible?

Use our calculator to find out if you could be eligible for a lifetime mortgage, which products may be available to you and how much you might be able to release.

Why Aviva Equity Release?

  • Over 140,000 people have released money from their home with Aviva Equity Release.
  • We have provided equity release since 1998.
  • We're award winning
20th Anniversary what Mortgage Awards 2013 Winner - Best Equity Release Lender