Aviva has announced new improvements to its lifetime mortgage proposition that will give Aviva customers the ability to make unlimited voluntary repayments.

Customers will also be able to repay up to 10% in total of their initial loan per year – and further borrowing if applicable – making it more possible to manage their loan amount on a day-to-day basis.

The minimum repayment has been reduced to £50, and there are no longer any time restrictions on repayments – so the insurer suggested that customers could, if wanted, make a repayment as soon as the day after completion, and further borrowing or releases would not be time-constrained by any repayments made.

Aviva has also revealed that access to reserves is possible at any time, and customers will be able to make an unlimited number of requests for additional borrowing. The minimum sum accessible from the reserve is £2,000, and the minimum for additional borrowing is £5,000.

Aviva managing director of retirement, Greg Nielsen, commented: “We know that people’s circumstances can change, and now customers have the security of knowing that they have a more flexible range of options available to them, whether they need to repay more often than planned, or borrow more to tide them over unforeseen events.

“Accessing property wealth is a vital part of people’s planning for their life in retirement, and it has never been more popular. By introducing these enhancements, we are creating a lifetime mortgage proposition that, in tandem with other sources of retirement income, increases customers’ options and choices in effectively managing their assets.”

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