Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage from 25 July 2005.
Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage from 25 July 2005.
The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.30% (The overall cost for comparison is 6.8% APR).*
Norwich Union will also be increasing commission rates for intermediaries who write equity release business by 0.5% across their range of equity release products from 25 July 2005.
Nigel Spencer, head of marketing for Norwich Union Personal Finance, said: "Norwich Union Personal Finance continually reviews interest and commission rates and we are delighted that we can pass on a reduction of 40 basis points to customers alongside an enhancement to adviser commissions. We are committed to supporting growth in the intermediary market for equity release and are confident that our increased commission rates reward advisers for the extra qualifications and advice steps required to operate in the equity release market."
Norwich Union is continuing to support the intermediary market through its dedicated website, www.ifaresourcecentre.co.uk, where intermediaries can find out more about equity release from Norwich Union.
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Press office contacts:
Lorna Wiltshire 020 7662 1013 or 07800 695 150
David Gwyer 01904 452 828 or 07800 699 508
James Evans 01904 452 791 or 07800 699 525
Notes to editors
* Please note, the interest rate shown is the annual rate with interest applied monthly. The yearly cost of the loan is shown as the APR (annual percentage rate) In practice we apply interest annually.
- This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
- Norwich Union is the market leading equity release provider with a market share of 35% (source: Safe Home Income Plans Q2 2005). 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 Financial Adviser (FA) providers. FAs 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, Y090 1UU. Authorised and regulated by the Financial Services Authority for lifetime mortgages. Home reversion plans are not regulated by the Financial Services Authority.