Article date: 16 September 2002
Homeowners who want to release equity from their properties cannow buy Norwich Union's Flexible Cash Release Plan through Leedsand Holbeck Building Society branches.
Norwich Union's equity release product - which gives people aged60+ access to some of the cash tied up in their home - is nowavailable to Leeds and Holbeck Building Society customers followinga 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.
New figures from SHIP (Safe Home Income Plans), which representsthe major equity release providers, show that the total equityrelease market was 33 per cent higher in January to June 2002compared with the same period last year. Older homeowners releasedmore than £313million in cash from their homes in the first sixmonths of this year.
The Flexible Cash Release Plan is a mortgage-style product - themost popular type, accounting for 75 per cent of equity releaseplans taken out in 2001. No repayments are made during thecustomer's lifetime and there is a no-negative equity guarantee.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 at 17per cent for age 60 and rising to 50 per cent for age 89+.
For more information, customers can call 0845 050 2234 (callscharged at local rate) or call into their local Leeds and HolbeckBuilding Society branch.
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For further media information, contact Louise Zucchi at NorwichUnion Press Office on 08703 666860
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 the UK'slargest provider of life, pensions and investment products and oneof the leading IFA providers. IFAs provide around 75% of thecompany'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.
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