Article date: 8 April 2002
Homeowners who want to release equity from their properties cannow buy Norwich Union’s Flexible Cash Release Plan throughCoventry Building Society branches.
Norwich Union’s equity release product – which givespeople aged 60+ access to some of the cash tied up in their home– is now available to Coventry Building Society customersfollowing a link-up between the two companies.
Equity release is becoming increasingly popular as a way ofboosting retirement income to fund everything from dream holidaysand new cars to long term care and investment. Plans worth morethan £572 million were taken out last year.
And with house prices in the UK up by 8.5 per cent in 2001*,many older home-owners are sitting on a goldmine.
The Flexible Cash Release Plan is a mortgage-style product– the most popular type, accounting for 75 per cent of equityrelease plans taken out in 2001. No repayments are made during thecustomer’s lifetime and there is a no-negative equityguarantee. The interest rate is fixed.
The proportion of the property value which can be released as acash lump sum increases with the homeowner’s age, starting at17 per cent for age 60 and rising to 50 per cent for age 89+.
·For more information, customers can call 0845 766 5522 (callscharged at local rate) or call into their local Coventry BuildingSociety branch.
For further media information, contact Anja Kueppers orMatthew Buchanan at QBO on 020 7379 0304 or Louise Zucchi atNorwich Union Press Office on 08703 66 68 60
Notes to editors
- * source: Council of Mortgage Lenders
- The plan provides a lifetime loan secured on property. Fullwritten terms and conditions are available on request.
- CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TOMOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IFYOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
- Norwich Union is the UK’s largest insurer. It is theUK’s largest provider of life, pensions and investmentproducts and one of the leading IFA providers. IFAs provide around75% of the company’s long-term savings business.
- Norwich Union has strategic alliances with over 20 buildingsocieties and other leading UK brand names including TescoPersonal Finance and The Royal Bank of Scotland Group.
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For all Norwich Union life & pensions media enquiries 0870366 68 73
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- Coventry Building Society is the fifth largest society in theUK with assets of £7.2 billion.
- The Society was established in 1884 and is regarded by mostcommentators as one of the strongest societies in the UK.
- In addition to its 50 branches it also has a postal andtelephone savings and mortgage operation and two internet siteswww.coventrybuildingsociety.co.uk and www.remortgages.co.uk
- For all Coventry Building Society media enquiries 0870 6077727