Existing equity release customers

Your lifetime mortgage is designed to be repaid when you (and the second borrower, if you have a joint lifetime mortgage) die or need long-term care. If you want to repay your lifetime mortgage before this happens, you can do so, but a substantial early repayment charge may apply.

Log in to MyAviva to see your lifetime mortgage's outstanding balance and find out if an early repayment charge will apply. Alternatively we can provide this information over the phone or you can request a written statement.

Learn more about how our early repayment charges work by downloading the following brochures. You can also ask your financial adviser or call us.

Each year, subject to our terms and conditions, you can repay up to 10% of the total amount you have borrowed, with no early repayment charge. The minimum you can repay at each installment is £50. 

You can't set up automatic regular repayments (like a monthly direct debit), so you need to contact us each time. 

The payment methods we can accept for these are BAC, CHAPS, Faster Payments, and Debit Card.

This option is only available if you applied for a lifetime mortgage from 28 April 2014.

You can phone us to find out if you’re able to borrow more money. If we tell you this is possible, you should speak to your financial adviser. Otherwise, we can refer you to one.

If your existing lifetime mortgage is called Cash Reserve Option or Lifestyle Flexible Option, you may have access to a cash reserve facility, which could allow you to take more money without having to apply. Log in to MyAviva to see if your lifetime mortgage has a cash reserve facility.

Please call or write to us with any changes to your personal details.

How we assess your need for long-term care

We define long-term care as a situation in which you need permanent help from another person, or other people, to perform two or more activities of daily living (ADLs) or because you're suffering from dementia. More details on ADLs and dementia can be found in your terms and conditions.

If you leave your property permanently or plan to repay your lifetime mortgage because you need long-term care, we will carry out an assessment of the circumstances to decide if an early repayment charge will apply.

We'll never ask you to leave your home just because you need long-term care. If you can arrange for the care to be provided in your home, you may not need to move out or repay your lifetime mortgage. If this is the case, you can continue to live in your home until you pass away or move out to receive permanent long-term care away from your home, following which your lifetime mortgage must be repaid.

Your terms and conditions offer more information about how we assess the need for long-term care and the repayment of the lifetime mortgage. Your financial adviser will also be able to help you with this.

Please call us to:

Check if you can move property
If your new property meets our lending rules at the time, we may agree that you can move home and take your lifetime mortgage with you. 

If your new property doesn’t meet our current lending rules, you’ll need to repay the lifetime mortgage. There won’t be an early repayment charge if your lifetime mortgage offers and your circumstances qualify for downsizing protection (offered to people who applied on or after 8 April 2019). Terms and conditions apply. You need to have held your lifetime mortgage for at least three years.

Tell us if somebody is moving in to the property
Sometimes we’ll need the person moving in to sign some documents if they’re not involved in the lifetime mortgage. 

If they'd like to become a joint owner of the property after you’ve taken out your lifetime mortgage, you’ll need to tell us about this as soon as possible. We’ll need to transfer the lifetime mortgage in joint borrower names – you’ll also need to sign some documents and speak to a solicitor who will do the legal work.

Discuss removing someone from your lifetime mortgage
If you’ve taken out a joint lifetime mortgage, it may be that one of you decides to leave the property. If this happens you must tell us as soon as possible and we’ll transfer your lifetime mortgage into the name of the remaining borrower. We’ll send you a form to complete and you’ll need a solicitor to do the legal work.  

Let us know that you’re thinking about making structural changes to the property
This might be possible, but it’ll depend on the type of changes you are planning to make. We may need to see your plans and evidence of building regulation approval before we can accept them.

See if we have the deeds to your property
Each lifetime mortgage is different so please call us to check.

We understand it can be a very difficult time when someone dies, and we try to make it simple to inform us. Please call or write to our specialist team. We’ll need to see the original death certificate or a copy certified by a solicitor. 

If the policy is in joint names and one borrower dies, the lifetime mortgage will continue under the name of the remaining borrower. We’ll need to be told so we can update our records.

When the last or only policyholder dies, the lifetime mortgage is usually paid back to us from the sale of the property. Any money left over goes to the beneficiaries of the estate. The people managing the estate after the policyholder dies have up to 12 months to repay the lifetime mortgage. Interest is charged daily until it’s been repaid. The property’s home and buildings insurance must be valid until it’s been fully repaid. 

Your solicitor can let you know if you need to apply for probate (the legal right to deal with the estate). Please call us if you need to know how much is owed to help with this application.