Norwich Union, in conjunction with Norwich and Peterborough Building Society, has launched a new mortgage offering an exclusive 4.49 per cent discounted rate for three years. The deal also offers a number of other benefits.
Norwich Union, in conjunction with Norwich and Peterborough Building Society, has launched a new mortgage offering an exclusive 4.49 per cent discounted rate for three years. The deal also offers a number of other benefits:
- 1.2 per cent discount for three years – initial pay rate for 4.49 per cent
- No arrangement fee or booking fee
- Free valuation
- Ł250 cashback for house purchase available up to 95 per cent loan to value
- Free legal fees on freehold properties for remortgages up to 90 per cent loan to value
- Ł250 cashback will be paid for remortgages on leasehold properties
- No mortgage indemnity premium to 90 per cent
- Early redemption charge is six months interest during first three years
Head of Norwich Union’s mortgage development, Jon Round commented, “This mortgage represents excellent value for borrowers. In addition to a 1.2 per cent discount for three years, IFAs can save their clients additional fees with all the added benefits that this deal has to offer”.
IFAs who wish to take advantage of this offer can contact Norwich Union on 0845 845 1388 for further details.
- ENDS -
Press office contacts | ||
| Out of hours | ||
| James Evans, Norwich Union | 08703 66 68 78 | 07790 487105 |
| Louise Goffee, Norwich Union | 08703 66 68 70 | 07810 057362 |
| Ian Beggs, Norwich Union | 08703 66 68 71 | 07790 487533 |
Notes to editors
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.
Norwich Union has strategic alliances with 20 building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on this website, www.aviva.com
- A selection of images are available from the Norwich Union Newscast site at www.newscast.co.uk
For all life & pensions media enquiries 08703 66 68 78
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TYPICAL EXAMPLE
Borrowers applying for a mortgage of Ł85,000 on a repayment basis over 25 years to buy a house valued at Ł100,000. Assuming completion takes place on 5th August 2002, gross monthly repayments for the 36 month discounted rate period would be Ł472 followed by 264 monthly repayments of Ł532 for the remaining term of the mortgage. This example and the APR have been prepared on the assumption that the interest rate applicable at the start of the mortgage term will continue throughout but not after the discounted rate period and that the Society’s standard variable rate applicable at the publication date (5.69%) will be applied for the remainder of the mortgage term without variation.
The interest rate is variable throughout the mortgage term. The premiums, charges and fees are also variable. The APR and repayments would, of course, be different if the Society’s standard variable interest rate changes.
This is based on an interest rate of 4.49%.
The APR for the whole loan would be 5.6% variable.
The total amount repayable to the Society by monthly repayments would be Ł157,405.
This includes:
| Initial amount borrowed | Ł85,000 |
| Discharge fee | Ł55 |
If the mortgage is redeemed within the first 3 years, there will be an early repayment charge equivalent to 6 months’ additional interest on the balance outstanding. This additional interest will be charged at the rate that applied to the account at that time.
It is likely, in practice, that the Society’s standard variable interest rate will change on a number of occasions during the term of the mortgage. The APRs and payments set out in these examples would, of course, then be different.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Mortgages are subject to status and satisfactory security. In certain circumstances a life assurance policy may be required. Mortgage loans are not available to anyone under the age of 18. Loans are secured on your home. Written quotations are available on request from the Society.
The Society subscribes to the Banking Code and the Mortgage Code. Copies of the Codes are available on request.
Loans provided by Norwich and Peterborough Building Society.
Norwich and Peterborough Building Society is regulated by the Financial Services Authority.
Principal Office: Peterborough Business Park, Lynch Wood, Peterborough PE2 6WZ www.npbs.co.uk
Member of The Building Societies Association. Member of LINK.