Equity release options or lifetime mortgages as they are also called, are a regular topic of conversation for Enable’s mortgage brokers in Bishops Stortford. Coming into play this month Aviva has announced significant enhancements to its lifetime mortgage flexible drawdown feature. If you are an eligible customer it could make this a useful tool to manage the money held in your property.
Equity Release, at Aviva, Managing Director Greg Neilson, commented: “I am delighted to announce these enhancements to our lifetime mortgage proposition. Along with the recently introduced enhancements to Voluntary Partial Repayments, the new minimum borrowing levels for drawdowns and the way of calculating rates for each customer individually mean we offer greater flexibility throughout the life of the product to meet the changing needs of customers.”
“Accessing property wealth is a vital part of people’s planning for their life in retirement. We are pleased to continue to evolve a lifetime mortgage proposition that, in tandem with other sources of retirement income, increases customers’ options and choices in effectively managing their assets. “In addition, these new features will be available to all existing customers who also have a cash reserve in place, so that as many people as possible can benefit from the ability to manage their retirement income more flexibly.”
Essentially the new adaptations to the lifetime mortgage will include a new minimum cash release and rates tailored to individual circumstances. This means that customers will be able to draw down a minimum of £500, replacing the previous minimum of £2,000. This increased flexibility means that customers aren’t obliged to borrow more than they need if only a small amount is required.
Enable’s mortgage brokers in Bishops Stortford can help you look at all your mortgage options to help you find the right one for the right stage of your life and to help you manage your finances.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage