What equity release products does Aviva offer?

They offer only one type of equity release: lifetime mortgages.

A lifetime mortgage from Aviva allows you to borrow money against the value of your home while still retaining ownership. The loan amount, interest rate, and repayment terms are determined based on factors such as age, property value, and loan amount. Their equity release plans come with features such as inheritance guarantees, voluntary partial repayments (up to 10% per annum), and enhanced borrowing if you meet certain criteria.

Criteria for an Aviva equity release mortgage

Aviva set the following requirements for their lifetime mortgages:

• Age: Applicants must be 55 or over. This age requirement applies across the board and isn’t exclusive to Aviva equity release mortgages.
• Location: You must be a homeowner in the UK but will fall outside of this provider’s criteria if the property is located in the Isle of Man or the Channel Islands.
• Property value: Your home must be worth at least £75,000.
• Minimum borrowing: The smallest lifetime mortgage Aviva offers is £15,000.
• Remaining mortgage balance: In most cases, Aviva will expect you to be mortgage-free but considers applicants with small mortgage balances outstanding, provided the debt can be cleared before completion or with the released equity.

Unsure whether you fit Aviva’s criteria? Get in touch with us and our equity release advisers will assess this for you and draw up a full list of every provider you qualify for.

At Teito, we have whole-of-market equity release advisers on board, meaning we can compare products from different lenders and find the right one for your needs. Our experts are here to help you make an informed decision and ensure you get the best deal possible on your equity release loan. Talk to us today to learn more about how whether Aviva is the right provider for you.

What interest rates are available?

At the time of writing (October 2024), interest rates on Aviva’s lifetime mortgages typically range between 5.10% to 6.40% (AER). The exact rate you will qualify for will depend on factors including your age and the amount of equity you are releasing.

Want to know how Aviva’s deals compare to other equity release providers? Get in touch and our retirement mortgage specialists will review deals across the market for you and match you with the best equity release deal for your needs and circumstances.

How much equity will Aviva let you release?

Most equity release borrowers end up with between 20% and 50% of the capital that was locked up in their property. Aviva have a specialist calculator on their website that you can use to work out how much equity you could potentially release with them.

However, their calculator requires you to enter personal details including your full address, name and contact information. As an alternative, you can get some quick results without entering any personal details by using our equity release calculator below.

The above calculator is not specific to Aviva but will give you a rough idea of the amount of equity you can release from providers across the market.

Are Aviva a good equity release lender?

Aviva are a highly regarded equity release provider and have won industry awards for their services in this sector. For example, What Mortgage Awards named them as ‘Best Equity Release Lender’ and ‘Best Equity Release Lender for Customer Service’ in 2024.

This lender holds an average rating of 4.1/5 on consumer review platform Trustpilot based on feedback from over 37,000 customers. These reviews are, however, based on all of Aviva’s products and services, not just their equity release product range.

Do you need a broker to access Aviva’s equity release range?

You will need to have consulted with a qualified equity release adviser before Aviva will even consider you for a lifetime mortgage as professional advice is mandatory for equity release.

If an adviser is what you need, you’re in the right place. Our equity release advisers are fully independent and have the right credentials. They each hold a Certificate in Regulated Equity Release (CeRER) or equivalent, and we are members of the Equity Release Council.

This means we have the credentials and experience to help you navigate the equity release market, recommend the best providers for you and guide you through your application. 

We offer a free, no-obligation chat to kick things off, during which we will explain what we can do for you and how much it will cost - get started here.