Equity Release re-offer process change

Today we’ve increased our re-offer period, matching our current offer period of 14 weeks. Below we've put together some FAQ's to help you.

For your customers that are currently on Edition 7 terms and conditions

Offers within the initial 14 weeks

What happens if my client wants to make a change to their loan during the initial 14 weeks offer period?

If your client wants to make a change to their loan details or the health and lifestyle questions, you should email a new Personal Quote Summary (PQS) to: LPEQREN@AVIVA.COM. A re-offer will be sent to you and your client which will be based on the prevailing rates and will be guaranteed for the remainder of the initial 14 week offer period.  

When does my client’s offer expire?

The offer is guaranteed for 14 weeks from the date the application form was received at Aviva. The expiry date is stated on the front page of the offer document.

If there is an interest rate or loan to value (LTV) change, will this affect my client?

While your client is still within their 14 weeks offer guarantee period, they will not be affected by interest rate or LTV changes.

Initial Offer expires

What happens with my client’s offer if they haven’t Completed within the initial 14 weeks?

When the initial offer expires, we’ll contact you with a new Personal Quote Summary (PQS) based on prevailing rates and ask you to confirm whether your client is happy to proceed on this new PQS. If your client wishes to change any of the loan details, you can produce your own PQS and email it to: LPEQREN@AVIVA.COM

Once your client is happy with the terms in the PQS and if the interest rate has increased, a re-offer will be issued to you and your client and the terms will be guaranteed for 14 weeks. The offer expiry date will be stated on the front page of the offer document.

If the interest rate has stayed the same or decreased, we will email you a copy of the PQS and confirm the date these terms will expire.

If your client doesn’t want to proceed, the case will be cancelled.

What happens with my client’s re-offer if they haven’t completed within the second 14 weeks?

If the re-offer expires, the case will be cancelled and if your client still wants to continue, they will need to reapply and a new full valuation will be required.

For your customers that are currently on Edition 6 terms and conditions

Offers within the initial 14 weeks

What happens if my client wants to make a change to their loan during the initial 14 weeks offer period?

If your client wants to make a change to their loan details or the health and lifestyle questions, you should email a new Personal Quote Summary (PQS) to: LPEQREN@AVIVA.COM. A re-offer will be sent to you and your client which will be based on the prevailing rates and will be guaranteed for the remainder of the initial 14 week offer period. Your client will receive a re-offer on Edition 7 terms and conditions.

When does my client’s offer expire?

Your client will have received an initial offer based on Edition 6 terms and conditions and the terms (i.e. loan to value and interest rate) are guaranteed for 14 weeks from the date the application form was received at Aviva. The expiry date is stated on the front page of the offer document.

What happens with my client’s offer when the initial 14 weeks has expired?

When the initial offer expires, we’ll contact you with a new Personal Quote Summary (PQS) based on prevailing rates and ask you to confirm whether your client is happy to proceed on this new PQS. If your client wishes to change any of the loan details, you can produce your own PQS and email it to: LPEQREN@AVIVA.COM

Once your client is happy with the terms in the PQS, a re-offer will be issued to you and your client based on Edition 7 terms and conditions and the terms will be guaranteed for 14 weeks. The offer expiry date will be stated on the front page of the offer document.

If your client doesn’t want to proceed, the case will be cancelled.

If there is an interest rate or loan to value (LTV) change, will this affect my client?

While your client is still within their 14 weeks offer guarantee period, they will not be affected by interest rate or LTV changes.

Already expired offers at 1st September

My client’s offer expired before 1st September; how long do they have to Complete their lifetime mortgage?

Your client’s lifetime mortgage application expires 6 months from the date of the valuation report.

My client wants to make a change to their loan and the initial offer has already expired?

If your client wants to make a change to their loan details or the health and lifestyle questions you should email a new Personal Quote Summary (PQS) to: LPEQREN@AVIVA.COM. A re-offer will be sent to you and your client which will be based on the prevailing rates. The interest rate will be fixed for 7 days from the date of the re-offer. Your client will stay on Edition 6 terms and conditions.

Can my client move onto the new Edition 7 terms and conditions?

In order to move onto Edition 7, your client will need to reapply and a new full valuation will be required. This is to ensure a valid valuation is in place, which won’t expire during the 14 weeks offer guarantee period.

If there is an interest rate or loan to value (LTV) change, will this affect my client?

If interest rates increase or LTVs decrease, to ensure your client is aware, we will contact you with a new PQS and if your client is still proceeding, we’ll send you and your client a re-offer. If we decrease the interest rate before the Completion date, they will automatically receive the lower rate.

Your client will stay on Edition 6 terms and conditions.