We’ve made some changes to our equity release terms and conditions
If you submit Lifestyle Flexible Option applications for your clients, we’d like to inform you we’ve introduced Terms and Conditions Edition 10. The updates made do not affect the product or it’s features, this remains exactly the same.
The T&C changes
There are two updates to be aware of:
- Changes to Tenancy Law in Wales
- The methodology used to apply a voluntary partial repayment to the lifetime mortgage
Tenancy Law in Wales - T&Cs Section 14:
- Assured Shorthold Tenancies are now called Occupation Contracts.
- An Occupation Contract needs to relate to a specific and separate part of the property (like a self-contained annexe), for Aviva to accept it.
- The Occupation Contract needs to be for an initial fixed term of six months, with a periodic tenancy arising after that time.
Voluntary partial repayment methodology - T&Cs Section 6.4:
- This has not changed in any way, but up to this point we had not given details within the T&Cs of how we apply the voluntary partial repayment. This information now forms part of Edition 10.
What happens next
The Edition 10 T&Cs come into effect from 23 August 2023. This means all offers and re-offers issued from 23 August 2023 will be accompanied by T&Cs Edition 10.
Edition 10 T&Cs supersedes Edition 9. You can find the full T&Cs here.