UK: Norwich Union reveals what customers spend their lifetime mortgage money on

- home improvements, holidays, cars and boosting income are favourites

Norwich Union research has revealed what the company’s customers spend their lifetime mortgage money on.

Many customers who take out a Norwich Union Lifetime Mortgage spend the money released from their home on home improvements, holidays, new cars and to top up their income. The breakdown of what Norwich Union customers use their lifetime mortgage money for is as follows.

Mark Kelly, director of Norwich Union Personal Finance, said: "Lifetime mortgages are popular with people who want to maintain their lifestyle after they retire. Many older people – particularly those on low incomes – use them to pay for home improvements such as new windows, conservatories and even to pay for things such as new central heating systems."

He added: "Research** we commissioned shows that many retired people would like to improve their home but do not have the money to do so. Holidays and new cars are also important for people who want to maintain the lifestyle in retirement that they had while they were working.

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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Rob Pell 01904 452659 Out of hours 07800 699563
Louise Soulsby 01904 452617 Out of hours 07800 699526
James Evans 01904 452791 Out of hours 07800 699525

Notes to Editors
*Research conducted by Norwich Union Personal Finance Ltd. 648 customers were surveyed between July and September 2004. Figures add up to more than 100% because customers often use their lifetime mortgage money for more than one purpose.

** Research was conducted by a YouGov poll 2-5 April 2004; survey sample size 2106.

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• Norwich Union is the market leading lifetime mortgage provider with a market share of 41% (source Safe Home Income Plans Q2 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.