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Equity Release

Equity release from Aviva might be right for you if:

  • You need to free up money from the value of your home without having to move
  • You need a cash lump sum to spend on whatever you want
  • You are prepared to make a lifelong commitment

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FAQs

  • Expert advice
    from Aviva

    What is equity release?

    Equity release allows you to free up money from the value of your home.

There are two types of equity release from Aviva:

  • Lifetime Mortgage

    This is a long term loan secured against your home. The amount you can borrow depends on your age and the value of your home. You might choose this if you want to either release an amount of money to spend now or release a reserve amount that you can use in the future. You do not have to make any monthly repayments, as the loan and interest are repaid by the sale of your property when you die or go into long-term care. Interest builds up through the life of the mortgage and is charged on the total of the amount borrowed and the interest already added. This increases the amount you owe and will reduce the value you have in your property, possibly to nothing.

  • Home Reversion

    With this plan, you sell part, or all, of your home to Grainger plc, the reversion provider. They pay out a lump sum at the start of the plan. As the money is provided upfront (and you continue to benefit from living in your home), you will get less than the full market valuation of the share of the property you sell. When you end the plan, die or go into long-term care, the reversion provider will sell the property, take their share of the money and pay the balance, if any, to you or your estate.

  • Don’t worry if you are still not sure whether equity release is right for you. Give us a call to arrange a no-obligation appointment with an adviser, who will guide you through the different equity release plans available. Any advice given will only relate to the products of Principality and Aviva.

Key Facts

  1. You could release money from your home, to help you do what you want in your retirement
  2. You can take out a lifetime mortgage when you are as young as 55
  3. You can generally still move house if you want to, as long as your new home meets the plan conditions
  4. Taking out an equity release product will reduce the amount of inheritance you are able to leave
  5. We encourage you to involve your family in the decision process and they can attend any of the appointments you have with an adviser
  6. A lifetime mortgage is a long term commitment – if you decide to repay the loan early, it can be expensive and you may have to pay a substantial early repayment charge
  7. You don’t have to pay tax on the amount you borrow but your tax position and entitlement to means-tested benefits may be affected
  8. Lifetime mortgages and the Home Reversion Plan are not available in the Channel Islands and Isle of Man. The Home Reversion Plan is also not available in Northern Ireland or Scotland

Other Services

Find out more

What can I do next?

By phone:
0845 045 0006

Find out more

What can I do next?

By phone:
0845 045 0006

THESE PRODUCTS ARE LIFETIME MORTGAGES OR HOME REVERSION PLANS. TO UNDERSTAND THE FEATURES AND RULES ASK FOR A PERSONALISED ILLUSTRATION.

The Society introduces only to Aviva Life and Pensions UK Limited. Both are authorised and regulated by the Financial Services Authority for life assurance, pensions and investments, mortgages and home reversion plans. Any financial advice given will relate only to the products and services of the Society and Aviva. Aviva Life and Pensions UK Limited. Company registration number: 03253947. Registered address: 2 Rougier Street, York, YO90 1UU

Principality Building Society is authorised and regulated by the Financial Services Authority (Authorisation No. 155998). The Financial Services Authority does not regulate commercial or business related mortgages.