Norwich Union is raising the interest rates on its Index-linked Lifetime Mortgage plans from Monday 19 June 2006.
Norwich Union is raising the interest rates on its Index-linked Lifetime Mortgage plans from Monday 19 June 2006.
The annual interest rates on the Index-Linked Lifetime Mortgage will be a minimum of 4.69% (4.9% APR) and maximum of 9.93% (10.2% APR). Pipeline cases will be given until Friday 14 July 2006 to complete to qualify for the previous rate after which they will be subject to the new interest rates.
Daren Carter, director of sales and marketing at Norwich Union Personal Finance, said: “We are the market leader in the lifetime mortgage market and aim to keep our pricing as competitive as possible. Long-term interest rates have risen and we have had to increase our rates. Despite this increase the new minimum and maximum interest rates are still lower than those at the start of the year.”
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Notes to editors:
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Before 19 June 2006, the rates were: minimum rate: 4.39%, maximum rate: 9.61%.
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. 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 is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media