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Equity release is a way of gaining access to the money that is currently tied up in your home. There are lots of different types of equity release plans across the UK, offered by a range of different lenders and advisers, one of which is Aviva.
At Equity Release Warehouse, we have gone to the liberty of reviewing Aviva’s offerings with our very own Aviva equity release review.
Equity release is another type of loan used throughout the UK by homeowners aged over 55 years old who own their own home in the UK worth over £70,000. You do not have to repay your equity release loan until you pass away or move into long-term care for health reasons.
Releasing equity from your home gives you the financial freedom you want and deserve in later life. One of the best things about equity release is that you do not have to repay a penny until after you pass away and that you are also allowed to spend the money however you want.
Lots of people choose to spend their equity release money on themselves or their loved ones. For example, you could choose to spend your money on some much-needed home improvements for you and your family, or an extension on the house.
Alternatively, you could choose to spend your money on the grandkids, helping them with the cost of living or university fees.
However, it is important that if you select equity release then there is a chance that you might be reducing how much equity you leave your loved ones after you pass away.
Releasing equity from your house might also reduce your tax position or ability to claim any means-tested benefits now or in the future [1].
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Aviva is just one of many equity release lenders and advisors in the UK. They have been helping people release equity from their homes since 1998 and have helped hundreds of thousands of people across the UK do just that.
Aviva not only provides people with equity release plans, but they also provide insurance plans, investment opportunities and retirement and healthcare advice and support.
When it comes to equity release at Aviva, our Aviva equity release review found that they offer two different types of equity release plans across the UK, which are lifetime equity release mortgages and home reversion plans. However, Aviva specialises in lifetime mortgages as opposed to home reversion plans.
Aviva is also regulated by both the Equity Release Council and the Financial Conduct Authority which means that they work by the standards set by both.
The Aviva equity release review shows that more and more people are considering equity release with them because the state pension is no longer covering their basic needs [2].
They also cite the fact that people are no longer staying in the same job their entire life, which is subsequently affecting their pension pots [2].
If you are considering releasing equity from your home but want more information on how to start the process, speak to a member of our team at Equity Release Warehouse for some initial advice and information.
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At Equity Release Warehouse, we believe that there are a whole host of benefits when it comes to equity release. During our Aviva Equity Release Review, we uncovered that Aviva has the following benefits for choosing their equity release plans.
For example, they offer a range of different pricing tiers, as well as being able to offer a bespoke and personalised price to you. They also offer a range of other benefits such as cashback plans which might suit you and your family better.
Our Aviva equity release review discovered that when you first enquire about an equity release loan at Aviva, you will have to fill out a questionnaire. On this questionnaire, they will ask you a list of questions about your current health and lifestyle which will be reviewed.
Thanks to the Aviva equity release review, we know that Aviva also offers a price match service where they will try to match other, cheaper alternative lenders.
They also try to keep their setup and arrangement costs as cheap as possible, with some arrangement fees costing as little as £5, depending on the complexity of your equity release application.
Aviva also tries to offer equity release loans to certain parts of the UK which other lenders tend to stay away from, such as the islands off of the UK and Northern Ireland.
Aviva also offers their own drawdown plan, which they have named the Aviva Lifetime Flexible Plan. This allows people to release a certain amount of money from their house, and then choose later down the line if they want to withdraw any more [2].
Our Aviva equity release review also found that they offer a lump sum plan, called the Aviva Lifestyle Lump Sum Max Plan which allows people to withdraw a minimum amount of £15,000 which they will receive in one large lump sum.
This money will be tax-free and paid directly to your account so that you will not have any nasty surprises when you receive your money [2].
When it comes to all of these loans, Aviva includes an inheritance protection guarantee which ensures that you keep aside some of your money to leave as inheritance to your next of kin.
Our Aviva equity release review also found that they include a voluntary partial repayment scheme, which allows people to pay up to 10% of their loan off each year (starting after the first year of your loan has ended).
You can do this on either a lifetime mortgage or a home reversion plan, but Aviva specialises in lifetime mortgages.
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Lots of people choose to pay off some of their equity release loan early, to avoid compound interest accumulating. However, Aviva does seem keen to stress that lifetime equity release plans are long-term commitments.
However, Aviva does allow people to repay a small percentage of their equity release plan. However, our Aviva equity release review found that this was limited to 10% each year on the original amount that was borrowed.
You are also able to repay more of your loan, but it is important to note that you will be charged what they call an ‘early repayment fee’ if you should choose to do so.
If you want to repay your equity release loan early, then you can choose to do so in small repayments of £500 throughout the year.
If you are considering equity release but are confused about how early repayments work and are worried about being charged extra for early repayments, then speak to our team at Equity Release Warehouse where our professional and highly qualified team will guide you through the process.
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During our Aviva equity release review, we uncovered that there are a few cons when it comes to choosing equity release with Aviva. These cons are listed and explained below.
For example, when you choose to release money with Aviva there is a minimum amount of money you are able to release.
Whilst most lenders set their minimum amount at £10,000, Aviva’s minimum amount is £15,000. This means that if you want to release anything less than £15,000 you will not be able to do so with Aviva.
In addition to this, releasing equity from your home with Aviva can be known to be a lengthy process that sometimes takes up to 12 weeks or longer, depending on the complexity of your equity release application.
Therefore, if you are looking for a speedy way to get your hands on some cash, then releasing equity with Aviva might not be for you. If you would like more information on how long the equity release process takes, take a look here.
It is also important to remember that when you choose to release equity from your home with Aviva, your ability to receive any tax or welfare benefits might be affected.
This means that if you currently receive any tax or welfare benefits these might stop when you receive your equity release.
Alternatively, if you are hoping to release money from your home and hope to receive tax and welfare benefits in the future then you might not be able to.
Quite clearly, releasing money from your home will also mean that your ability to leave an inheritance for your loved ones might be affected. On top of this, you will need to pay interest on your equity release loan with Aviva, which will naturally compound as time goes on.
At Equity Release Warehouse, we believe that there are more benefits to equity release than there are cons. However, we also understand the importance of understanding and acknowledging the potential pitfalls to equity release.
If you want to release equity from your property but are nervous or confused about the disadvantages of equity release, then speak to our team at Equity Release Warehouse.
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During the Aviva equity release review carried out by Equity Release Warehouse, we uncovered that lifetime mortgages are the most popular type of equity release plan chosen by those living in the UK.
Aviva ensures that when you opt for a lifetime equity release mortgage with them, you do not have to repay anything until you pass away, as with all lifetime mortgages. They make it very clear that interest is added and that this has the potential to compound if it is not paid off whilst you are still alive.
They also highlight that your lifetime mortgage will be paid off when you sell your home, after you pass away or move into long-term care, but this will always be subject to Aviva’s terms and conditions.
Aviva also allows individuals to take out their equity release in one large lump sum, or through a number of smaller payments.
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During our Aviva equity release review, we discovered a number of different qualification criteria factors. If you want to release equity with Aviva, then you will be advised very early on to speak to a financial advisor to check that this is the best and most sensible option for you and your family.
In addition to this, you will need to pass the following qualification criteria.
Aviva also provides a range of other services such as car, home and life insurance. They also offer pensions and other forms of investments. In order to qualify for these other types of services, the qualification criteria will change accordingly.
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It is important to remember that all lenders and equity release advisers will charge you money. However, our Aviva equity release review found that Aviva charges their clients during the initial stages of the application and loan.
This will include the initial legal fees, valuation and arrangement fees. Some of these fees are explained further below [3].
Arrangement fees are charged during the early stages of the application. This pays to set up and arrange your equity release loan, and can either be paid off there and then or can be added onto your loan amount depending on which lender you choose to go with.
You will also have to pay for the valuation fee. This is when someone from Aviva will come to visit your property so that they can independently assess and judge how much money your house is worth.
They will assess the outside of your property and might also need access to the inside of your property, looking for any damage or subsidence.
There are also a number of legal fees you will need to pay for during the initial stages of your equity release loan. In order to successfully qualify for your equity release loan, you will have to engage a solicitor to act on your behalf.
This can cost anywhere between £1,000 and £3,000 depending on how complex or large your equity release loan application is [3].
You might also have to pay other additional fees if your equity release application includes any extra borrowing, change of ownership, porting your mortgage to a new property or any remote valuations over zoom [3].
If you are considering releasing equity from your home but want more information on the initial costs of equity release, then speak to a member of our team at Equity Release Warehouse for advice and support.
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The answer is yes, Aviva does have an equity release calculator. This is used to help individuals to estimate just how much equity they would be able to release from their home.
Aviva cites that there are a number of factors that come into play when deciding how much money you want to release from your home. This includes your overall health, how old you are and how much mortgage you have already paid off on your property.
You can sign up to use Aviva’s equity release calculator if you are aged over 55 years old, own your own home in the UK worth at least £75,000 and want to borrow at least £15,000 or more.
If you are considering releasing equity from your home but are unsure how much equity you would be allowed to release, then speak to a member of the team at Equity Release Warehouse.
Our team of fully qualified specialists will use our own equity release calculator to calculate how much equity you are likely to be allowed to release from your home.
If you are considering releasing equity from your home in the UK and want to use Aviva to do so, then you will be pleased to hear that Aviva is regulated by the Equity Release Council.
This means that anyone who chooses Aviva as their equity release provider can be confident in the knowledge that all their plans and employees are regulated by the Equity Release Council’s standards.
Aviva is also regulated by the Financial Conduct Authority (FCA) which regulates lenders and markets throughout the UK to ensure that all products are responsible and transparent throughout.
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When it comes to equity release, lots of people find the process complicated. However, more and more providers are working hard to simplify the equity release process so that it is as hassle-free and easy for you.
During our Aviva equity release review, we discovered that Aviva cites three stages to their equity release process, which are listed and explained further below.
The first stage of the equity release process when it comes to equity release with Aviva is to seek advice. Aviva even recommends their own financial advisors for you so that you do not need to spend time trying to find a reliable one yourself.
If you choose a financial adviser who we recommend to you, then you will not have to pay for this advice. It is also important to remember that all financial advisers we recommend are regulated by the FCA and work by their standards.
However, if you want to seek your own equity release advisor from your own private adviser then you are also more than welcome to do so, although these will most likely incur a fee.
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According to Aviva, the second stage of the equity release process is to go away and think. They encourage you to take your time with this decision and make sure that you talk to your family about your decision. They will also recommend that you talk to your next of kin about your decision so that they are fully in the loop.
The final stage of the equity release process according to Aviva is the application part. If you speak to your family and loved ones and decide that you want to apply for equity release, then you will need to fill out Aviva’s application form.
Your chosen equity release adviser will help you to do this if you find the application form confusing or overwhelming.
Once you and your adviser submit your application form, someone from the chosen lender will then arrange to visit your house to carry out the valuation. This is where they will assess your house in order to establish the true value of the property.
Once this is done, Aviva will be able to work out how much equity you are able to release from your home. Once this is agreed, you will then go on to sign your paperwork and contract with the help of your adviser and chosen solicitor.
Once this is done, you will then have to wait a number of weeks until you receive the funds in your account. From this stage onwards, you will be able to spend your equity release money however you want to, but will also be charged interest on the loan.
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If you are considering releasing equity from your home, then it is incredibly important that you seek financial advice before taking out your loan and making any official commitments.
At Equity Release Warehouse, we are committed to providing you with the most up-to-date, honest and transparent information when it comes to equity release. Unfortunately, not all equity release lenders or advisers are able to offer free consultations and meetings. However, at Equity Release Warehouse we are proud to say that we do.
Our specialists will be able to advise you during the early stages of your application without any charges. Our team is able to speak with you whenever is most convenient for you, even if this falls outside of working hours.
Our team will offer you a free consultation where they will ask you a number of questions about yourself and your current financial situation. You should be fully prepared for them to ask you questions about your motivations behind equity release.
You will also be asked questions about your state pension, whether you claim any benefits or whether you wish to move house in the future. It is important to understand that you will not be judged by anyone, they are simply asking you these questions so that they can offer you the most sensible equity release plan for you.
If you would like to get in touch with Equity Release Warehouse, then speak to our team for free by calling us at 0330 058 1579 or by visiting us online at www.equityreleasewarehouse.com for more information on equity release.
[1] https://www.aviva.co.uk/retirement/equity-release/
[2] https://www.aviva.co.uk/adviser/documents/view/equityreleaseer01.pdf
[3] https://www.aviva.co.uk/adviser/documents/view/pf01459c.pdf
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Learn MoreThere are two kinds of equity release plan, and these are lifetime mortgages and home reversion.
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