Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage plans from Monday 18 December 2006.
Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage plans from Monday 18 December 2006.
The typical interest rate on the Fixed Rate Lifetime Mortgage introduced by intermediaries will be reduced from 6.35% to 6.30%* (6.6% APR). All pipeline cases that are offered on or after 18 December 2006 will be subject to the new interest rates.
Brendan Kearns, product development manager at Norwich Union Personal Finance, said: “This rate change continues the downward trend of interest rates on lifetime mortgages. Although it is only a small change to the rate on our Fixed Rate Lifetime Mortgage I am glad to be able to use every opportunity to pass decreases in the cost of our funding onto customers.”
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David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
About Norwich Union
*Please note that the interest rate shown is the annual equivalent rate. 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.
The actual rate available will depend upon the customer’s circumstances. Ask for a personalised illustration.
About Norwich Union
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