Aviva has announced significant enhancements to its lifetime mortgage flexible drawdown feature, making this increasingly popular form of funding in later life more flexible for all eligible customers.
These new enhancements, which will come into effect from 20th May, include a new minimum cash release and rates tailored to individual circumstances.
Customers will be able to drawdown 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.
All customers applying for flexible drawdown will be offered a rate individually tailored to them and their circumstances, ensuring a much more personalised approach to the cost of the loan. Factors, such as the customer’s health and lifestyle information disclosed for the initial loan, and changes to house value and their age, will all be taken into account.
The new features will be available to both new and existing customers.