Homeowners who want to release equity from their properties can now buy Norwich Union's Flexible Cash Release Plan through Leeds and Holbeck Building Society branches.
Homeowners who want to release equity from their properties can now buy Norwich Union's Flexible Cash Release Plan through Leeds and Holbeck Building Society branches.
Norwich Union's equity release product - which gives people aged 60+ access to some of the cash tied up in their home - is now available to Leeds and Holbeck Building Society customers following a link-up between the two companies.
Equity release is becoming increasingly popular as a way of boosting retirement income to fund everything from dream holidays and new cars to long term care and investment.
New figures from SHIP (Safe Home Income Plans), which represents the major equity release providers, show that the total equity release market was 33 per cent higher in January to June 2002 compared with the same period last year. Older homeowners released more than Ł313million in cash from their homes in the first six months of this year.
The Flexible Cash Release Plan is a mortgage-style product - the most popular type, accounting for 75 per cent of equity release plans taken out in 2001. No repayments are made during the customer's lifetime and there is a no-negative equity guarantee. The interest rate is fixed.
The proportion of the property value which can be released as a cash lump sum increases with the homeowner's age, starting at 17 per cent for age 60 and rising to 50 per cent for age 89+.
For more information, customers can call 0845 050 2234 (calls charged at local rate) or call into their local Leeds and Holbeck Building Society branch.
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For further media information, contact Louise Zucchi at Norwich Union Press Office on 08703 666860
Notes to Editors:
* source: Council of Mortgage Lenders
The plan provides a lifetime loan secured on property. Full written terms and conditions are available on request
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
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.
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