Repayments made easier for equity release customers

We’ve introduced a new functionality for your equity release clients that will make it easier for them to make voluntary partial repayments. This is only applicable to lifetime mortgages applied for on or after 28 April 2014.

Introducing voluntary partial repayments by direct debit

With one call, your clients can now tell us how much they would like to repay monthly, and when they’d like the money to leave their account.

We’ll set up the direct debit instructions there and then over the phone, making repayment easier than ever. 

They can also choose to specify a period of time for repayments or to leave the direct debit in place until they choose otherwise. Your clients can call us to stop the direct debit at any time or instruct their bank to stop the repayments.

We can only accept direct debits from customers who want to make monthly repayments from their own account. We can’t accept direct debit instructions from third parties.

Of course, if they prefer, your clients can still make one-off payments as normal by debit card, BACS or CHAPS.

Let your clients know repayments are now easier

This new direct debit functionality makes repaying part of their total loan much easier and more convenient for your clients. There’s no need to remember to call us as the money will go out automatically at their chosen time.

By letting them know about this new way of making repayments, you can help them plan their finances better, including advising on the pros and cons of making voluntary partial repayments.

So, make sure you pass the good news on to your clients. There is a minimum monthly payment of £50, and your clients can repay up to 10% of the total amount borrowed in each year.

We'll begin reaching out to customers directly about this new functionality from August 2025, and all customers should have received communications by the end of 2025.

New question about repayment intent in the digital application

We're adding a new question to the online application, which you'll see soon.

This question helps us understand how many new customers are likely to contact us to set up a Direct Debit for making repayments.

Got any questions?

If you have any questions, please refer to our FAQs.

Alternatively, you can speak to your usual Aviva contact. If you don't know who your dedicated Business Development Manager is, you can find their details here.