Aviva Equity Release - transferring to new property

mell242

Sorry if I've posted in the wrong place..
My 70 year old mother has an equity release lifetime mortgage with Aviva. She owes £115,000 and her property is worth around £380,000. She is finding the house too large and would like to move and downside to be nearer us. She would be looking at paying around £250,000.

Does anyone have any experience of transferring the loan to a new property. Obviously there would be a penalty figure to pay.

I will, of course, try to contact them on her behalf but I was just wondering if anyone else had gone through that.

Thanks

TrickyDicky101

Perhaps she could settle the equity release loan rather than trying to transfer it? It would seem that the value of her current property after sale and after settlement would still be sufficient to purchase the new one outright.

amnblog

Aviva should let mum move provided she meets eligibility requirements.

The big drop in value however, may mean they need some of the £115,000 loan repaid.