Article date: 27 August 2002
Norwich Union, in conjunction with Norwich and PeterboroughBuilding Society, has launched a new mortgage offering an exclusive4.49 per cent discounted rate for three years. The deal also offersa number of other benefits:
- 1.2 per cent discount for three years – initial pay ratefor 4.49 per cent
- No arrangement fee or booking fee
- Free valuation
- £250 cashback for house purchase available up to 95 per centloan to value
- Free legal fees on freehold properties for remortgages up to90 per cent loan to value
- £250 cashback will be paid for remortgages on leaseholdproperties
- No mortgage indemnity premium to 90 per cent
- Early redemption charge is six months interest during firstthree years
Head of Norwich Union’s mortgage development, Jon Roundcommented, “This mortgage represents excellent value forborrowers. In addition to a 1.2 per cent discount for three years,IFAs can save their clients additional fees with all the addedbenefits that this deal has to offer”.
IFAs who wish to take advantage of this offer can contactNorwich Union on 0845 845 1388 for further details.
- ENDS -
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|James Evans, NorwichUnion||08703 66 68 78||07790 487105|
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Notes to editors
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 20 building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on thiswebsite, www.aviva.com
- A selection of images are available from the Norwich UnionNewscast site at www.newscast.co.uk
For all life & pensions media enquiries 08703 66 6878
For all other media enquiries 08703 66 68 68
Borrowers applying for a mortgage of £85,000 on a repaymentbasis over 25 years to buy a house valued at £100,000. Assumingcompletion takes place on 5th August 2002, gross monthly repaymentsfor the 36 month discounted rate period would be £472 followed by264 monthly repayments of £532 for the remaining term of themortgage. This example and the APR have been prepared on theassumption that the interest rate applicable at the start of themortgage term will continue throughout but not after the discountedrate period and that the Society’s standard variable rateapplicable at the publication date (5.69%) will be applied for theremainder of the mortgage term without variation.
The interest rate is variable throughout the mortgageterm. The premiums, charges and fees are also variable. The APR andrepayments would, of course, be different if the Society’sstandard variable interest rate changes.
This is based on an interest rate of 4.49%.
The APR for the whole loan would be 5.6%variable.
The total amount repayable to the Society by monthly repaymentswould be £157,405.
|Initial amount borrowed||£85,000|
If the mortgage is redeemed within the first 3 years, there willbe an early repayment charge equivalent to 6 months’additional interest on the balance outstanding. This additionalinterest will be charged at the rate that applied to the account atthat time.
It is likely, in practice, that the Society’s standardvariable interest rate will change on a number of occasions duringthe term of the mortgage. The APRs and payments set out in theseexamples would, of course, then be different.
YOUR HOME IS AT RISK IF YOU DO NOT KEEPUP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ONIT.
Mortgages are subject to status and satisfactory security. Incertain circumstances a life assurance policy may be required.Mortgage loans are not available to anyone under the age of 18.Loans are secured on your home. Written quotations are available onrequest from the Society.
The Society subscribes to the Banking Code and the MortgageCode. Copies of the Codes are available on request.
Loans provided by Norwich and Peterborough Building Society.
Norwich and Peterborough Building Society is regulated by theFinancial Services Authority.
Principal Office: Peterborough Business Park,Lynch Wood, Peterborough PE2 6WZ www.npbs.co.uk
Member of The Building Societies Association. Member ofLINK.