Aviva gives equity release range a facelift

Aviva has made some significant changes to its equity release range following feedback from customers and financial advisers.

It has introduced an inheritance guarantee, which means the family or estate will receive a guaranteed proportion of the value of the property when they die or go into long-term care.

Aviva has also removed its 75% initial loan restriction. Customers can now choose how much of the loan they take up front, from £10,000 to 100% of the available amount. Customers who do not initially take the full amount will have an automatic reserve available if they want funds in the future.

In addition, customers can now draw down against their available reserve whenever they choose without incurring an admin fee, and new customers will no longer pay a redemption fee at the end of the loan.

Clive Bolton, ‘at retirement’ director at Aviva, said: “We understand that many people are facing financial challenges in retirement. Equity release is an increasingly important option for people approaching retirement to consider, because it allows them to unlock some of the cash from their home, which is often their largest asset.

“At Aviva we offer a comprehensive range of retirement solutions, and over the last few years we’ve seen increasing demand as more customers enjoy the benefits of equity release.

“We’ve researched what customers want from our lifetime mortgage plans, and the improvements we’ve introduced will help meet their needs. We already offer competitive rates and a no-negative-equity guarantee, and we’re confident that today’s improvements provide our customers with the best value in the market.”