Aviva has updated its lifetime mortgage proposition allowing borrowers to make an unlimited number of repayments.
Customers are able to repay up to 10% of their initial loan per year and further borrowing is allowed if applicable.
There are no longer any time restrictions on repayments and the minimum repayment amount has been reduced to £50.
Greg Neilson, managing director of retirement at Aviva, said: “I am delighted to announce these enhancements to our lifetime mortgage proposition.
“With these new features, customers can now take advantage of increased flexibility to make managing their finances in retirement even simpler.
“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.
“In addition, these new features will be available to all customers who applied for their lifetime mortgage on or after 28 April 2014, so that as many people as possible can benefit from the ability to manage their retirement income more flexibly.
“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.”
Aviva has made access to reserves possible at any time and customers can now 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.
Customers are able to access their reserve the day after completion via a phone call.