Existing equity release customers

Your lifetime mortgage is designed to be repaid when you (and the second borrower, if you have a joint lifetime mortgage) pass away or need long-term care, subject to our terms and conditions. If you want to repay your lifetime mortgage before this happens, you can do so, but a substantial early repayment charge may apply.

Log in to MyAviva to see your lifetime mortgage's outstanding balance and find out if an early repayment charge will apply. Alternatively we can provide this information over the phone or you can request a written statement.

Each year, subject to our terms and conditions, you can repay up to 10% of the total amount you have borrowed, with no early repayment charge. The minimum you can repay at each instalment is £50. 

The payment methods we can accept for these are Direct Debit, BACS, CHAPS, Faster Payments, and Debit Card.

This option is only available if you applied for a lifetime mortgage from 28 April 2014.

If you have a lifetime mortgage that's not a Lifestyle Flexible Advantage, you'll find out more information about how voluntary partial repayments work, including how to start making repayments, in our guide 'A Guide to Voluntary Partial Repayments'.

If you have a Lifestyle Flexible Advantage lifetime mortgage, you can also use the interest-servicing feature. When you make repayments that fully or partially cover the interest in your current policy year, Aviva applies an uplift, a percentage boost, to your repayment. The specific uplift percentage is shown in your Key Facts Illustration (KFI) and Offer documents. If you'd like more information about how voluntary partial repayments work, we have a guide 'Lifestyle Flexible Advantage: Guide to Voluntary Partial Repayments'.

You can phone us to find out if you’re able to borrow more money. If we tell you this is possible, you should speak to your financial adviser. Otherwise, we can refer you to one. An adviser will charge a fee for advice on equity release.

You might be able to borrow more, subject to our lending conditions at the time. The interest rate is calculated on any extra amount that’s released when we get your application. 

The terms and conditions that apply to any additional borrowing will be the ones applicable at the time – they might be different from those that applied to your previous borrowing. 

If your existing lifetime mortgage is called Cash Reserve Option, Lifestyle Flexible Option or Lifestyle Flexible Advantage, you may have access to a cash reserve facility, which could allow you to take more money without having to apply. Any money you take from your cash reserve will be charged at the interest rate available when you release it. Log in to MyAviva to see if your lifetime mortgage has a cash reserve facility.

Taking additional borrowing or releasing money from your cash reserve will further reduce the value of your estate. This means there will be less inheritance to leave your beneficiaries. 

Please call or write to us with any changes to your personal details.

How we assess your need for long-term care

Our lifetime mortgages are designed to be repaid when you (and the second borrower if you have a joint lifetime mortgage) pass away or need long-term care.

If you leave your property permanently, we'll check the circumstances to see whether an early repayment charge would normally apply. If it's due to care needs that meet our definition of long-term care, no early repayment charge will be payable.

Long-term care means you need ongoing, permanent help from someone else because you're unable to manage at least two everyday tasks, or because you're living with dementia.

By 'everyday task', we mean:

• Dressing
• Eating
• Moving around your home
• Washing
• Using the toilet.

These are based on ‘activities of daily living’ (ADL) as defined and recommended by the Association of British Insurers at the time you’re taking out your lifetime mortgage. You can find the full definition in your terms and conditions.

If you need long‑term care and choose to receive that care in your own home, you don’t have to repay your lifetime mortgage. But if you choose to repay it, you won’t have to pay an early repayment charge.

For joint borrowers: If only one of you needs long‑term care, you won’t pay an early repayment charge if you choose to repay the lifetime mortgage within three years of that care starting, even if the care is provided at home.

Please call us to:

Check if you can move property
If your new property meets our lending rules at the time, we may agree that you can move home and take your lifetime mortgage with you. 

If your new property doesn’t meet our current lending rules, you’ll need to repay the lifetime mortgage. There won’t be an early repayment charge if your lifetime mortgage and your circumstances qualify for downsizing protection (offered to people who applied on or after 8 April 2019). Terms and conditions apply. You need to have held your lifetime mortgage for at least three years.

Tell us if somebody is moving in to the property
Sometimes we’ll need the person moving in to sign some documents if they’re not involved in the lifetime mortgage. 

If they'd like to become a joint owner of the property after you’ve taken out your lifetime mortgage, you’ll need to tell us about this as soon as possible. We’ll need to transfer the lifetime mortgage in joint borrower names – you’ll also need to sign some documents and speak to a solicitor who will do the legal work.

Discuss removing someone from your lifetime mortgage
If you’ve taken out a joint lifetime mortgage, it may be that one of you decides to leave the property. If this happens you must tell us as soon as possible and we’ll transfer your lifetime mortgage into the name of the remaining borrower. We’ll send you a form to complete and you’ll need a solicitor to do the legal work.  

Let us know that you’re thinking about making structural changes to the property

If you're planning to make changes to your home, such as building an extension, adding a conservatory or carrying out other structural work, you must contact us before you start. We'll need to review and approve the changes first.

Depending on the work you're planning, you may also need:

• Planning permission
• Conservation Officer approval
• Building Regulations approval
• Listed Building Consent

Before starting any work, check with your local authority to find out what permissions or approvals you may need.

See if we have the deeds to your property

Each lifetime mortgage is different so please call us to check.

We understand it can be a very difficult time when someone passes away, and we try to make it simple to inform us. Please call or write to our specialist team. We’ll need to see the original death certificate or a copy certified by a solicitor. 

If the policy is in joint names and one borrower passes away, the lifetime mortgage will continue under the name of the remaining borrower. We’ll need to be told so we can update our records.

When the last or only policyholder passes away, the lifetime mortgage is usually paid back to us from the sale of the property. Any money left over goes to the beneficiaries of the estate. The people managing the estate after the policyholder passes away have up to 12 months to repay the lifetime mortgage. Interest is charged daily until it’s been repaid. The property’s home and buildings insurance must be valid until it’s been fully repaid. 

Your solicitor can let you know if you need to apply for probate (the legal right to deal with the estate). Please call us if you need to know how much is owed to help with this application.