Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage and Cash Reserve Option plans from Monday 18 June 2007.
Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage and Cash Reserve Option plans from Monday 18 June 2007.
The changes are as follows:
| New interest rate | Overall cost for comparison | Previous interest rate | |
| Fixed Rate Lifetime Mortgage introduced by intermediaries | 6.59% | 6.8% APR | 6.30% |
| Fixed Rate Lifetime Mortgage introduced by NUPF salesforce | 6.89% | 7.1% APR | 6.30% |
| Cash Reserve Option introduced by intermediaries | 6.69% | 7.1% APR | 6.35% |
| Cash Reserve Option introduced by NUPF salesforce | 6.99% | 7.4% APR | 6.35% |
All APRs listed are typical. The actual rate will depend upon personal circumstances.
All pipeline cases that are offered before 18 June and completed by 30 July will be subject to previous rates.
Elizabeth Boardall, head of marketing, Norwich Union Post Retirement Products, said: "As a leader in the equity release market, we look to sustain our pricing to be among the most competitive in the market. Recent movements in the cost of funding and distribution have dictated that we now have to adjust our rates. These rates are not set for a specific period of time. We review our interest rates on an ongoing basis, in line with market conditions and will continue to try and be as flexible and responsive as possible in the future to offer the best possible value to our customers."
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Press office contacts:
Norwich Union:
Sarah Horner 01904 452828 Out of hours 07800 691569
Louise Soulsby 01904 452617 Out of hours 07800 699526
The Wriglesworth Consultancy:
Laura O'Connell / Lee Blackwell
Telephone: 0207 845 7900
E-mail: l.blackwell@wriglesworth.com
Notes to editors:
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's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.