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Existing customers

Already have a lifetime mortgage with us, but have questions about your plan?

Here are some common questions asked by our customers that might help – if you can’t find what you’re looking for, check our equity release FAQs or call us on 0800 158 4177.

Notify us of a death

How do I notify you of a death? What do you need?

We understand that bereavement is a very difficult time. We try to make the process of informing Aviva as simple as possible. We have a dedicated team who you can call to notify us of your loss.

You can call us on 0800 158 4177 with details or write to us at:

Aviva Equity Release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We will need an original or a certified copy (from a solicitor) of the death certificate.

What happens to the plan when the only/last remaining borrower dies?

For a lifetime mortgage the amount owed to us is usually paid back from the proceeds of the sale of the property. Any money left over would be paid to the beneficiaries. The estate has up to 12 months to repay the lifetime mortgage. The interest continues to accrue daily until it is repaid. The home buildings insurance must remain in force until the repayment date.

What happens to my lifetime mortgage if I die?

If the lifetime mortgage is in joint names and one borrower dies, the lifetime mortgage will continue in the sole name of the remaining borrower. We will need to be notified to amend our records.

You can call 0800 158 4177 with details or write to us at:

Aviva Equity release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We will need an original or a certified copy (from a solicitor) of the death certificate.

Do I need to apply for probate?

Your solicitor will be able to advise if it is necessary for you to apply for probate. We can provide you with outstanding balance figures to assist you/them in applying for probate. Please call us on 0800 158 4177 to request these.

What happens to the property when I /we die?

If the lifetime mortgage is in joint names and one borrower dies, the lifetime mortgage will continue in the sole name of the remaining borrower. We will need to be notified to amend our records.

If the lifetime mortgage is in a sole name or the last remaining borrower dies, the amount owed to us is usually paid back from the proceeds of the sale of the property. Any money left over would be paid to the beneficiaries.

Repayment

How do I find out what my outstanding balance is?

Please contact us on 0800 158 4177 where we will be able to provide you with a verbal outstanding balance free of charge. A written statement is available upon request.

How do I repay my lifetime mortgage?

Please contact us on 0800 158 4177 to discuss your situation.

Can I repay part of the lifetime mortgage?

For customers who applied for a lifetime mortgage on or after 28th April 2014, you can repay part of your loan at any time by making voluntary partial repayments.

The maximum you can repay each year is 10% of the initial amount you've borrowed. You can repay in up to four instalments each year. The minimum you can repay in each instalment is £500.

Borrowing more money

I want more money, is this possible? How do I apply?

Please contact us on 0800 158 4177 where we will be able to calculate if additional borrowing is available and refer you to a financial adviser if you are eligible. Alternatively you can speak to your own adviser.

If you have a Cash Reserve Option or a Lifestyle Flexible Option plan you may have a reserve already allocated to you which allows you to have further funds immediately. Please contact us on 0800 158 4177 to request a statement to release these funds.

Changing my details

How do I tell you that my personal details have changed?

You can call us on 0800 158 4177 to discuss this or write to the address below:

Aviva Equity release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We may need sight of documentation depending on the change.

Long term care

What happens if I need to go into long term care?

If you require any information or have any questions relating to long term care please contact us on 0800 158 4177.

Additional property questions

I want to move property, is this possible?

Provided your new property meets our lending criteria at the time and we agree that you can, then you can move home and take your lifetime mortgage with you.

Please call us on 0800 158 4177 for more information.

For Home Reversion Plans please contact Grainger Plc on 0845 111 2223.

Can someone move into the property?

It may be possible for someone to move into the property, however in some circumstances we may require documentation to be signed by the non borrowing occupant. Please contact us on 0800 158 4177 to discuss this further.

I have changed my buildings insurance, what do I need to do?

Please call us on 0800 158 4177 to advise. You may need to complete a form with the new insurance details.

Can I make structural changes to the property?

It may be possible to make structural changes to the property but this will depend on the type of alterations you are planning to make. Please call us on 0800 158 4177 to discuss. We may require sight of your plans and building regulation approvals before we can confirm our acceptance.

Can I rent out all or part of the property?

Your terms and conditions state that you must not create any lease or tenancy of the property, or any part of the property. This remains the same when the only/last remaining borrower dies.

Do you have the deeds to my property?

Each plan is individual in this respect and we may hold your deeds. Please call us on 0800 158 4177 where we will be able to confirm if we have these.

Equity release FAQs

What is a lifetime mortgage?

A lifetime mortgage is a type of equity release that allows you to access some of the equity tied up in your home. It’s a long-term loan which is secured on your property. Although it’s a mortgage, you don’t have to make repayments. The loan and interest will be repaid in full, usually from the sale of your property, when you (and your partner for joint lifetime mortgages) pass away or move into long-term care (terms and conditions apply). Interest is charged on the amount borrowed and the interest already added, which quickly increases what you owe. Taking out a lifetime mortgage will reduce the value you have in your home, and therefore the amount of any inheritance you leave. Your tax position and any entitlement to welfare benefits may also be affected.

What interest rate do you apply?

Aviva lifetime mortgage interest rates are based on your individual circumstances. You will receive it in your personalised illustration. Because you don't make any payments during the term of the mortgage, a higher interest rate is usually applied than that applied to a standard mortgage.

Am I eligible for a lifetime mortgage?

Aviva's lifetime mortgages are available to UK homeowners aged 55 and over. The amount you can release will depend on a number of factors, including your age, the value of your property and the type of property you own. The amount you can release may also be affected by certain health conditions or lifestyle choices.

Does my home qualify for an Aviva lifetime mortgage?

Your home may qualify for an Aviva lifetime mortgage if it’s a residential property of standard construction in England, Wales, Scotland or Northern Ireland. We are not able to offer lifetime mortgages for properties in the Isle of Man or the Channel Islands. Please bear in mind that minimum property values apply.

We don't offer lifetime mortgages for the following property types: freehold flat or maisonette (except in Scotland), 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, hotel, retirement properties, guest house or B&B. If you are unsure whether your property is eligible, please contact us for further information.

How much equity can I release with Aviva’s lifetime mortgage?

This depends on a number of factors including the value of your home and your age when you start the plan. For a guide on how much you may be able to release from your home with a lifetime mortgage from Aviva, please use our equity release calculator.

How flexible are Aviva’s lifetime mortgages?

With the lifetime mortgage we offer, you may be able to release more in the future. You’ll be able to move home too – as long as your new home meets our lending criteria at the time – but if you move to a property of lower value, you may have to pay back part of the lifetime mortgage.

What will happen to my Aviva lifetime mortgage when I die?

That depends on whether you’ve borrowed alone or with another person. If you’ve borrowed alone, your lifetime mortgage will be due for repayment in full when you pass away or go into long-term care (terms and conditions apply). If you borrowed with another person such as your husband/wife or partner, your lifetime mortgage will be repaid when the last one of you passes away or needs to go into long-term care, subject to our terms and conditions.

Will I get a fixed interest rate if I take out a lifetime mortgage with Aviva?

This depends on what type of lifetime mortgage you choose. If you choose the Lifestyle Lump Sum Max option, you take out a lump sum amount and the interest is fixed at the start of the loan. Our Flexible option means that you take out an initial loan and have access to a reserve of money in the future when you need it. The interest on the initial lump sum is fixed at the start of the lifetime mortgage, but money you take out after that will be charged at the current interest rate at the time.

How is interest added?

Interest is charged on both the amount you borrow and any interest already added. This quickly increases what you owe and will reduce the value you have in your property, possibly to nothing. Once you’ve been referred to a financial adviser, they’ll give you a personalised illustration, which will show how the size of the loan will increase over time. Taking out a lifetime mortgage will reduce the value you have in your home, and the amount of inheritance you can leave will also be reduced as a result. Your tax position and eligibility for welfare benefits may also be affected.

What is equity release?

Equity release is a way of releasing some of the money tied up in your home. Aviva offers lifetime mortgages, which are a type of equity release plan. With our lifetime mortgages, you can continue to live in your home and use the money to get more from your retirement. Whether it's to top up your income, make home improvements, buy a new car or even take a special holiday - it's up to you how you spend it. A lifetime mortgage is a loan secured on your home. Taking a lump sum, plus the costs and interest, will reduce the value you have in your home, and therefore the amount of any inheritance you leave. Your tax position and any entitlement to welfare benefits may also be affected.

Is equity release right for me?

When you see an adviser, they’ll assess your needs and recommend whether equity release is suitable for you, or if there are better options. Although any adviser we refer you to won’t be employed by us, they can only advise you about our lifetime mortgages.

If I take out a lifetime mortgage with Aviva, will I still own my own home?

Yes, you'll still be the legal owner of your home. You’re not required to move out or hand over your ownership.

What will happen if I move house?

With Aviva, you’ll have the flexibility to move home and transfer your lifetime mortgage to your new property, as long as it meets our lending criteria at the time. If you move to a property of a lower value, then we may require you to repay part of your original loan and interest. If you move to a property of the same or a higher value, then we will not ask you to repay any part of your loan and interest. We may, however, ask for your existing property to be valued if your new property is of a similar value, which you'll need to pay for.

Are there valuation and legal fees to pay?

When you take out a lifetime mortgage with Aviva, the arrangement fee is deducted from the amount you receive. However, you’ll be required to pay the costs of a solicitor acting on your behalf. We’ll pay all our legal fees and the disbursements involved in setting up your lifetime mortgage. There may be an independent valuation fee – we’ll discuss this with your adviser. You can find out more fee information by reading our tariff of charges.

What costs are involved with an Aviva lifetime mortgage?

When you call us, we’ll refer you to an equity release adviser. There will be no fee for the advice upfront, as we include the cost within the interest rate you pay if you decide to take out a lifetime mortgage. There will, however, be an arrangement fee which will be deducted from the amount you receive. You will also be required to pay your own legal fees when you instruct a solicitor to act on your behalf. Please be aware that although the adviser is not employed by us, they can only advise you on our lifetime mortgages. There may be an upfront cost payable if you choose to seek independent financial advice.

Will there be any repayments to make with an Aviva lifetime mortgage?

No. The loan and the interest on it is only repaid once you die or go into long-term care (terms and conditions apply).

Do I have to pay anything upfront?

If you decide to take out a lifetime mortgage with Aviva, you’ll be responsible for paying valuation fees, your own legal fees and an application fee. You can find out more information by reading our Tariff of charges.

Can I still leave an inheritance?

Although the amount of inheritance you can leave will always be reduced, you can choose an inheritance guarantee on Aviva’s lifetime mortgages to ensure you can leave something from the value of your home. However, this will reduce the amount of money you can borrow.

Can I repay my Aviva lifetime mortgage early?

Yes, but you should remember that a lifetime mortgage is a long-term commitment, made to last until you die or move into long-term care. Repaying your loan in full before then may mean you have to pay substantial early repayment charges. For new customers from 28th April 2014, once you've had your lifetime mortgage for one year, you can make voluntary partial payments, with no early repayment charge. The maximum you can pay back each year is 10% of the amount borrowed. You can repay in up to four instalments a year, and the minimum you can pay in each instalment is £500.

Can I buy a new property with my Aviva lifetime mortgage?

Yes, as long as the new property fits our lending criteria at the time.

Will I qualify for equity release if I already have mortgage debt on my property?

Yes, but any outstanding mortgage debt must be repaid before you take out a lifetime mortgage, or with the money you release.

What are my responsibilities with an Aviva lifetime mortgage?

You must maintain the property and keep it in a good state. The property must also be insured and you must pay all property-related bills, such as council tax and utility bills. The property also needs to continue being your main residence – this means you’ll also need our agreement for anyone else to live with you. If the property is a leasehold you must also pay any extra maintenance fees, service charges or other sums.

How will a lifetime mortgage from Aviva affect my tax position?

You don’t have to pay any tax on the money you take out, but taking out money may affect your tax position more generally.

How will a lifetime mortgage affect my benefits?

It could affect your entitlement to means-tested welfare benefits, such as council tax benefit, pension credit and certain health benefits.

Can I release any more equity from my home if I already have an Aviva lifetime mortgage?

This will depend on a number of things, such as the type of lifetime mortgage you have, the current value of your home and if you’ve chosen a feature like an inheritance guarantee.

What’s the difference between the two types of lifetime mortgage that Aviva offer?

We offer two types of lifetime mortgages. The Lifestyle Lump Sum Max enables you to release a one-off sum of money at the start of the plan. Our Lifestyle Flexible Option means you take a lower initial loan but then have access to a reserve of money in the future.

What can Aviva offer me if I’m in poor health?

If you choose the Lifestyle Flexible Option, you may be able to benefit from a lower rate of interest on the loan amount, if you qualify for enhanced terms. If you choose the Lifestyle Lump Sum Max and qualify for enhanced terms, you may also benefit from a lower rate of interest, or you may be able to borrow a larger amount.

Is there an upper age limit for Aviva’s lifetime mortgages?

No, but you do have to be at least 55.

How long will it take to get my money?

As you need to involve a solicitor when you take out equity release, the time it takes to complete your application can vary. Typically, once Aviva receive your application it takes about 3 months before you receive your money.

What happens once I’m referred to one of Aviva’s equity release advisers?

You’ll be transferred to one of the equity release adviser firms on our panel, who’ll be able to offer you advice based on your needs. These advisers are not employed by us, but can only advise you on Aviva lifetime mortgages. All of these firms are members of the Equity Release Council.

Is equity release regulated?

Yes. Equity release is regulated by the Financial Conduct Authority (FCA). The FCA is an independent body reporting to the government that helps to ensure that financial products offered to the public are fair, and meet required standards. Aviva is also a long-standing member of the Equity Release Council, a trade body set up in 1991 to help protect people taking out equity release. We make sure that we meet the strict standards set out in their Statement of Principles.

What is the Equity Release Council?

The Equity Release Council is a trade body set up to protect people taking out equity release. You can find out more by visiting their site: equityreleasecouncil.com

Will I need to change my will?

This depends on your will’s current provisions. If you have any concerns, we suggest you speak to your solicitor.

More FAQs

Contact us

To manage your plan or notify us of a death, please call:
0800 158 4177

Monday to Friday 8.00am - 8.00pm
Saturday 8.30am - 5.00pm
Sunday 10.00am - 4.00pm
Closed bank holidays

Outside the UK? Please call:
+44 1603 603 997

For our joint protection, calls may be recorded and/or monitored.

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