Reduction in the minimum cash reserve drawdown amount
It takes Aviva to offer your clients more flexibility with Equity Release. Both the economy and people’s needs are changing, and customers are seeking increased flexibility when it comes to financial products. Many are realising that the equity tied up in their home can offer a much-needed boost to help fund a brighter future.
With this in mind, we are delighted to announce some improvements to our Equity Release Lifestyle Flexible product. From 20 May, we will be offering both new and existing customers the flexibility to take smaller cash reserve draws so they only borrow what they need, while benefiting from truly personalised interest rates.
Individually tailored cash reserve interest rates
The cash reserve interest rate will take into account :
• Health and lifestyle enhancements on the initial loan
• Changes to house prices
• Customer’s current age
We’ll also consider prevailing market conditions at the time each draw is taken, our latest view of the risk and cost of providing a drawdown release of the amount being requested.
Reduced minimum cash reserve releases
We’ve reduced the minimum a customer can take from their cash reserve - from £2,000 to just £500 - to better reflect the changing needs of customers today.
These new, lower drawdowns are perfect to help maintain your client's lifestyle or for unexpected expenses - like vet’s bills, or helping family out.
Voluntary partial repayments
The tailored rates and reduced minimum cash reserve releases can also be combined with the improvements we made to our voluntary partial repayments last year.
Customers can make repayments immediately and make as many repayments as they like up to 10% of the total amount borrowed.
Here to support you
We can offer a range of support to help build your equity release business.
From structured CPD-accredited video modules to exam support and guides, we’ll make sure you have everything you need to continue recommending this product to your customers.