Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage and Index-linked Lifetime Mortgage plans from Monday 20 March 2006.
Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage and Index-linked Lifetime Mortgage plans from Monday 20 March 2006.
The interest rate on the Fixed Rate Lifetime Mortgage introduced by intermediaries will be reduced to 5.70%* (6.1% APR). All cases that complete on or after this date will qualify for the new interest rate.
In addition the minimum and maximum interest rates on Norwich Union’s Index-linked Lifetime Mortgage will reduce to 4.39% and 9.61% respectively.
Norwich Union is also reducing the minimum borrowing requirement for its Index-linked Lifetime Mortgage to align minimum borrowing requirements with its Fixed Rate Lifetime Mortgage – the minimum initial loan is being reduced to Ł15,000 (from Ł25,001) and minimum additional borrowing to Ł5,000 (from Ł25,001).
Daren Carter, director of sales and marketing at Norwich Union Personal Finance, said: “Norwich Union is the leading provider of equity release products in the UK. We are constantly reviewing our funding and rates and are pleased to be able to take this opportunity to offer consumers these new lower rates on both our lifetime mortgages..”
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Press office contacts:
Lorna Wiltshire 020 7662 1013 or 07800 695150
David Gwyer 01904 452828 or 07800 699508
James Evans 01904 452791 or 07800 699525
Cheryl Cox 01904 452617 or 07800 695275
Notes to editors:
*Please note, the interest rate shown is the monthly equivalent rate. The annual rate is 6.1% for lifetime mortgages introduced by intermediaries. Norwich Union applies rates annually. The yearly cost of the loan is shown as the APR (annual percentage rate).
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
About Norwich Union
- Norwich Union is the market leading equity release provider with a market share of 34% (source Safe Home Income Plans Q4 2005). Full written terms and conditions are available on request. Norwich Union is the UK's largest insurer.
- Norwich Union is one of the UK's biggest insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% 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 CIS 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.