A greater number of advisers will now be allowed to use a new flexible rating tool which allows advisers to tailor the Aviva Lifetime Mortgage package to each client.
The provider says that the new scheme allows advisers to alter cash-back, valuation fees and loan-to-value ratios to create the best interest rate for a customer’s needs.
The successful pilot saw Key Retirement Solutions, Age Partnership and Cavendish Equity Release trial the scheme in May, with Aviva now set to expand the product to other key accounts. It will also be available direct from the provider by the end of the summer.
Roger Marsden, head of at retirement at Aviva, said: “This product is a significant step forward for the market as it allows advisers to build the best possible scheme for their client’s individual circumstances.
“The initial pilot has been a huge success and the feedback we have received showed there is a significant appetite in the market for these types of tailored products.
“With today’s over-55s having just £27 per month in disposable income, yet with many having significant housing equity, more and more people are going to start considering how they can use their home to improve their standard of living or meet unexpected costs.
“Aviva is committed to making equity release as accessible to consumers as possible.”
