Norwich Union is improving the cash release terms on its Home Reversion Plan with immediate effect.
Norwich Union is improving the cash release terms on its Home Reversion Plan with immediate effect.
This review of the terms will benefit the majority of people taking out the Home Reversion Plan and could mean up to Ł2,000 more compared against old rates.
Examples:
A 75 year old male selling all of his Ł200,000 property would now receive Ł105,798 against Ł104,320 before the review.
A couple both aged 65 selling 81.7% of their Ł100,000 property would now receive Ł26,806 against Ł25,000 before the review.
Nigel Spencer, head of marketing for Norwich Union Personal Finance, said: "Following on from the successful launch of the Norwich Union Home Reversion Plan in April this review of terms means the competitive position of our offering is very strong. We now offer higher cash payments than the leading competitors in the majority of cases. On price we are particularly strong above age 70 and for joint cases. Our in-built guarantees also provide customers with a high level of protection and benefit."
The Norwich Union Home Reversion Plan incorporates two extra guarantees as standard, the Inheritance Protection Guarantee and the House Price Inflation Guarantee.*
Intermediaries can find out more about these changes and equity release from Norwich Union by visiting its dedicated website, www.ifaresourcecentre.co.uk.
-ends-
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
*The Inheritance Protection Guarantee is designed to protect the value of the plan holder’s estate in the event of death or long-term care in the first four years of the plan. The House Price Inflation Guarantee is designed to pass on some of the benefit of exceptional increase in the value of the plan holder’s property.
The Norwich Union Home Reversion Plan is offered by Norwich Union Equity Release Limited on behalf of Grainger Trust plc and their subsidiaries, the UK’s largest residential property investor quoted on the stock exchange.
The Home Reversion Plan is available in England and Wales and is not regulated by the Financial Services Authority.
- Norwich Union is the market leading equity release provider with a market share of 37% (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.