Equity Release

Why we’ve won Best Equity Release Lender seven years in a row

Award-winning customer service, award-winning mortgages

Interested in equity release? Then hear this – we’ve just won Best Equity Release Lender and Best Equity Release Lender Customer Service at the 2020 What Mortgage Awards!

What Mortgage is the UK’s #1 mortgage website for consumers. Their awards shine a light on our high-quality service and lifetime mortgages that help you continue to live in the home you love. It’s not the first time we’ve won either.

In fact, Aviva has won Best Equity Release Lender Customer Service since 2017, and Best Equity Release Lender since 2013 1. So, what makes us stand out from the crowd? 

We’ve helped hundreds of thousands of customers

Since 1998, we’ve helped over 250,000 customers release equity from their home with a lifetime mortgage. 

As our Managing Director, Greg Neilson, says:

“Aviva has been in the Equity Release market for more than 20 years, and in that time we’ve seen a lot of changes. We continue to improve and adapt our service and lifetime mortgages based on customer feedback, and I’m proud that Aviva is still recognised as the Best Equity Release Lender in the market”.

Unique interest rates on a range of properties

We’re one of the only providers to offer a unique interest rate tailored to your situation. This rate stays fixed for the duration of your lifetime mortgage – so you can be reassured we’ll never raise the interest rate.

You may also be more likely to release money from your property thanks to our broad lending criteria. We offer lifetime mortgages on a wide range of properties, like detached, semi-detached, flats, eco homes and more 2.

We regularly review and update the range of properties we offer lifetime mortgages on. So we’re more likely to help you. This ensures we’re ready to help as many people as we can.

Furthermore, you’ll find it easy to make small voluntary repayments if you want, as soon as your lifetime mortgage starts. For example, you can pay off some of interest each month if you’d like to, although you can’t repay more than 10% of the amount borrowed in a year.

Thinking about your loved ones

As an award-winning equity release lender, we can help you include your loved ones into your financial plans with the no negative equity guarantee.

The no negative guarantee ensures you and your estate will never pay back more than your property is sold for, so long as your home is sold for the best price reasonably attainable. So your family won’t be left in debt from your lifetime mortgage.

Of course, after your home is sold when you pass away or go into long-term care, you’ll have less inheritance to leave to your loved ones. That’s why we also offer an optional inheritance protection guarantee.

With this guarantee, you choose what percentage of your home’s value you’d like to leave to your estate. While this will reduce the size of the lifetime mortgage we can offer, you could take comfort from being able to leave something behind to your loved ones.

You could even move home

What if your plans change, and you want to move home closer to loved ones?

To help out, we may be able to move your lifetime mortgage to a new property if you move home. This is subject to our terms and conditions, as long as your new property meets our lending criteria at the time. Your equity release adviser can talk to you about our terms and conditions in more detail. 

And what if your new property doesn’t meet our lending criteria? In that case, you’ll have to repay your loan before you move, and you may want to consider downsizing protection.

Downsizing protection, available on a lifetime mortgage you’ve had for at least three years, lets you repay your loan early on with no repayment charge. Keep in mind, this is only available on properties that don’t meet our lending criteria at the time, subject to our terms and conditions. 

If you’re interested in downsizing protection, you can chat to your equity release adviser about it in more detail.

Safe and protected against coronavirus

While we’ve won Best Equity Release Lender and Best Equity Release Customer Service for several years in a row, you can be sure we’ll adapt to new situations. Coronavirus is no exception.

You can take advantage of new safety measures we’ve introduced, helping you stay safer from the virus while offering you a high value service at the same time.

For example, we can put you through to financial advice firms who can offer advice over the phone and video call, saving you from meeting them face-to-face. 

You can also stay safe when it comes to getting your home valued, which you’ll need to do to see how much you can borrow as part of your lifetime mortgage.

For instance, a professional valuer will follow social distancing guidelines when they come over to value your home. Or, to be extra safe, they can conduct an online valuation of your property instead.

Your adviser can talk you through this new coronavirus-process. As Greg Neilson says:

“Coronavirus has changed how we all live and work. All of our teams are working from home, and have continued supporting customers. I know that a “return to normal” will feel different for each of us and go at different speeds. We’re here to help while also keeping our customers and colleagues safe”.

Clear and transparent on risks to be aware of

In keeping with our award-winning service, we’re clear about the risks of equity release and how they could affect you.

For example, each year interest is charged on the total amount you owe, and any interest added will itself attract interest. This quickly increases the amount you owe.

Equity release may also affect your tax position, eligibility for welfare benefits and the amount of inheritance you could leave behind.

Want to know more about how equity release could affect you? Take a look at our lifetime mortgage – you’ll find all the details you need to know about our award-winning service.

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