Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage and Cash Reserve Option plans from Monday 20 August 2007.
Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage and Cash Reserve Option plans from Monday 20 August 2007.
The changes are as follows:
| New interest rate | Overall cost for comparison | Previous interest rate | |
| Fixed Rate Lifetime Mortgage introduced by intermediaries | 6.79% | 7.1% APR | 6.59% |
| Fixed Rate Lifetime Mortgage introduced by NUPF salesforce | 7.09% | 7.4% APR | 6.89% |
| Cash Reserve Option introduced by intermediaries | 6.89% | 7.3% APR | 6.69% |
| Cash Reserve Option introduced by NUPF salesforce | 7.19% | 7.6% APR | 6.99% |
All APRs listed are typical. The actual rate will depend upon personal circumstances.
All pipeline cases that are offered before 20 August and completed by 12 October will be subject to previous rates.
Dominic Fraser-Smith, marketing manager, Norwich Union Post Retirement Products, said: "As a leader in the equity release market, Norwich Union is committed to ensuring our products are priced competitively. The adjustments to our rates are the result of recent movements in the cost of funding. We constantly review our interest rates in line with market conditions and will continue to be as responsive as possible to offer the most competitive rates 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 / Suman Katyal
Telephone: 0207 845 7900
E-mail: s.katyal@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.