Written by Mark Langshaw Reviewed by Lee Trett
19 December 2024
Amended rates section and removed outdated information
10 October 2024
Updated example rates. Added section on products. Added sources. Improved UX.
22 August 2024
First Published
About Aviva
Aviva is one of the UK's most established and trusted equity release providers. Get in touch below to have one of our equity release advisers compare Aviva's product line with their competitors across the market in search of the best deal for you:
Get equity release quotes and advice today
We work with equity release providers across the market, including Aviva. Our advisers can help you compare equity rates from different providers and find the best deal for you.
Our experts will compare rates from every UK provider in seconds. They will show you the latest equity release deals from Aviva and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form below and one of our expert equity release advisers with be in touch today!
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 Money Helpdesk, 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?
Aviva's lifetime mortgage mortgage rates are competitive with other equity release providers.
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.
No. The only type of equity release they offer is a lifetime mortgage, but this will be the same at the vast majority of UK providers since home reversion plans are generally not recommended. Lifetime mortgages are almost exclusively suggested as a better alternative.
You can request a redemption statement from Aviva by emailing ercicdirect@aviva.com. Alternatively, you can call 0800 206 2014 and select option 3 for redemption queries. Make an enquiry with us if you would like independent advice before proceeding.
You should make a complaint to Aviva and the Financial Conduct Authority (FCA), which regulates the equity release market, within six years of entering the agreement. You typically have to file the complaint within three years of realising it was mis-sold.
It is recommended that lodging an initial complaint with the providers should be your starting point. Aviva have a dedicated section on their website for these complaints.
If your complaint is successful, you could be in line for compensation. Rejected complaints can be appealed against but there is no guarantee of a different outcome.
Contact Aviva and let them know as soon as possible to talk through your options. Their equity release mortgages can be transferred from one property to another, but they will carry out a series of checks to ensure that your new home fits their criteria.
If you are concerned the new property might not meet their requirements, get in touch with us and our equity release advisers may be able to find you a more flexible provider.
Additional fees will apply if you are moving a lifetime mortgage to another property, including an application fee, valuation fee, legal fees and reinspection fees (if the latter is necessary).
Aviva lifetime mortgages are designed to be paid when you die or enter long-term care. They allow a period of up to 12 months for the debt to be settled after either of these things have happened, but interest will continue to build up on the debt until it has been paid.
There are no early repayment changes to contend with but administration fees may apply.