Aviva broadens flexible equity release pilot

Published on

Aviva is widening the pilot of its new flexible rating tool for equity release.

It allows advisers to customise the Aviva Lifetime Mortgage proposition for each customer by tailoring variables such as cashback, valuation fees and the loan-to-value to generate the best interest rate for a customer’s requirements.

This new approach, which offers greater flexibility and is the first of its kind, comes as research from Aviva reveals that the typical over-55 has just £27 per month in disposable income.

Advisers will be able to determine the interest rate of the bespoke product by inputting the customers’ age, medical details, level of loan (inc. reserve), cashback amount and valuation charge into the tool.

This tool was piloted in May by Key Retirement Solutions, Age Partnership and Cavendish Equity Release who will continue to use it in the future. It will now be expanded to other key accounts and will be available direct from Aviva in late summer.

“This product is a significant step forward for the market as it allows advisers to build the best possible scheme for their client’s individual circumstances,” said Roger Marsden, head of at retirement at Aviva.

“The initial pilot has been a huge success and the feedback we have received showed there is a significant appetite in the market for these types of tailored products.

“With today’s over-55s having just £27 per month in disposable income, yet with many having significant housing equity, more and more people are going to start considering how they can use their home to improve their standard of living or meet unexpected costs. Aviva is committed to making equity release as accessible to consumers as possible.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Landlords shift away from five-year fixes as remortgage choices diversify

Buy-to-let landlords are increasingly looking beyond the traditional five-year fixed mortgage, with new research...

Just Mortgages’ self-employed push attracts surge of new advisers

Just Mortgages’ New Starter Boost initiative, launched in January, has seen strong early demand...

Londoners still pay highest premiums for homes near stations

Londoners continue to pay the steepest premiums in the UK to live close to...

TMG unveils AI-led mortgage and protection proposition for advisers

TMG Mortgage Network has launched a new mortgage and protection proposition that places artificial...

Shawbrook provides £10m facility to launch Fenyx Bridging to market

Fenyx Bridging, a newly established short-term property finance lender, has secured a £10m funding...

Latest publication

Other news

Landlords shift away from five-year fixes as remortgage choices diversify

Buy-to-let landlords are increasingly looking beyond the traditional five-year fixed mortgage, with new research...

Getting to know you: Heather Greatorex, Heath Mortgage Solutions

Name: Heather Greatorex Age: 28 Location: London Qualification Year: 2021 Firm: Heath Mortgage Solutions Education: 2:1 Psychology degree Specialty:...

Just Mortgages’ self-employed push attracts surge of new advisers

Just Mortgages’ New Starter Boost initiative, launched in January, has seen strong early demand...