Unlocking more equity with our Lifestyle Max lifetime mortgage
Our Lifestyle Max lifetime mortgage, with up to 14.9% higher LTV than our existing Lifestyle Flexible Advantage lifetime mortgage and a 4-year early repayment charge term, Lifestyle Max gives your clients a way to release higher proportions of equity from their home.
Our products at a glance
|
| Lifestyle Flexible Advantage | Lifestyle Max |
|
Eligibility |
| |
| Age | Minimum age 55 | Minimum age 55 |
| Property Value | Minimum £75,000 Maximum - upon referal over £5million | Minimum £75,000 |
| Lending Criteria | Prevailing lending criteria | Prevailing lending criteria |
| Minimum Loan | £15,000 lump sum or £10,000 lump sum with a £5,000 cash reserve | £15,000 lump sum |
| Maximum Loan | No max | £1.5 million |
| Product Features | ||
| NNEG | Yes | Yes |
| Inheritance Guarantee | Yes | Yes |
| Downsizing Protection | Yes | Yes |
| VPRs | Yes - minimum £50 and maximum is 10% of all loans per policy year | Yes - minimum £50 and maximum is 10% of all loans per policy year |
| Interest-servicing uplift | Yes, for every repayment that services interest in the current policy year (subject to minimum and maximums shown above), a 10% uplift will be added | No |
| Early Repayment Charges | ||
| ERC Model | Gilt or Fixed % | Fixed % |
| Fixed % ERC Term | 10 years | 4 years |
| Fixed % ERC Shape | Year 1: 9% Year 11 onwards 0% | Year 1: 8% Year 5 onwards 0% |
| Further Borrowing | ||
| Additional Borrowing | Yes - minimum £5,000 Although Additional Borrowing is not guaranteed | Yes - minimum £5,000 Although Additional Borrowing is not guaranteed |
| Cash Reserve Facility | Yes | No |
| Pricing | ||
| Enchanced Terms | Yes | No |
| LTV Range | 19% - 43% | 21.4% to 57.9% |
Support Documentation
To help you understand the Lifestyle Max product, we have created a few helpful documents you can find in our document library
- Target Market Statement giving clarity on who the Lifestyle Max is designed for
- Value for money assessment
- Terms and conditions (Edition 12)
You can find the Target Market Statement for the Lifestyle Flexible Advantage here. You can also find answers to your frequently asked questions here.
Further Support
Our teams are here to help you find the right product for your clients. You can find out who your dedicated Business Development Manager here, or email erbusinesssupport@aviva.com
Our lifetime mortgage is a long-term loan secured on your clients home. Inheritance will be reduced and tax position and welfare benefits may be affected.