Norwich Union has announced record sales of its lifetime mortgage in the fourth quarter of 2004 with sales worth £145.4m.
- Sales hit new record in fourth quarter of 2004
Norwich Union has announced record sales of its lifetime mortgage in the fourth quarter of 2004 with sales worth Ł145.4m.
Figures released by Safe Home Income Plans (SHIP) also confirm its position as UK’s leading provider of lifetime mortgages, with a total market share for 2004 of more than 40%.
Mark Kelly, director of Norwich Union Personal Finance, said: "Norwich Union's figures are excellent. In Q4 of 2004, we wrote more lifetime mortgage business than in any other quarter and our figures are up about 11% on the same period last year.
"This is further evidence that the platform created by the introduction of mortgage regulation last year is having a real impact on consumer confidence.
"We anticipate continued market growth in 2005, and the figures released by SHIP are encouraging. They show that more and more people are realising the benefits that taking out a lifetime mortgage can bring."
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Notes to editors
- Norwich Union is the market leading lifetime mortgage provider with a market share of 41.5% (Source: Safe Home Income Plans Q4 2004).
- Full written terms and conditions are available on request. Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group. Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media
- Norwich Union Equity Release Limited No 3286484. Registered at 2 Rougier Street, York, YO90 1UU. Authorised and regulated by the Financial Services Authority.