Article date: 4 October 2002
Norwich Union, the UK’s largest provider of equity releaseloans, is reducing the fixed interest rate for new customers on itsCash Release Plan from 7.79 per cent to 7.55 per cent. The newinterest rate is applicable from 30 September 2002.
Paul Stokes, head of marketing for Norwich Union Equity Release,said: “The reduction in the fixed interest rate comes at atime when the equity release market is booming. Recent figurespublished by SHIP (Safe Home Income Plans), which represents themajor equity release providers, show that sales of mortgage-basedplans, those offered by Norwich Union, had soared by 49 per cent inJanuary to June 2002 compared with the same period last year.
“More and more people are now realising that there is aneffective and safe way to release cash from their home to enablethem to improve their lifestyle and give their retirement a cashboost.”
- Customers wanting more information about Norwich Union equityrelease products should call: 0800 015 4015
Louise Zucchi, Norwich Union Press Office, 08703 666860/07860203466
Notes to editors
- Market size details quoted are based on the figures releasedby SHIP on 09/08/02 and include sales by SHIP members only.
- 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.
- The plan provides a lifetime loan secured on property. Theavailability of a loan depends upon age and property value. Theloan and interest become payable when the borrower/survivingborrower dies or goes into long term care.
- The plan should be seen as a lifetime commitment. Substantialearly repayment charges may be payable if the loan is repaid for areason other than death or long term care needs. Full writtenterms and conditions are available on request.
- 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 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 the Avivaplc website at www.aviva.com
- A selection of images is available from the Norwich UnionNewscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews.Call the press office on 08703 66 68 73
For all life and pension media enquiries 08703 66 68 73 For allother media enquiries 08703 66 68 68
- Norwich Union Life Services Limited represents only theNorwich Union Marketing Group, members of which are regulated bythe Financial Services Authority, for life assurance, pensions andinvestments.
- Members of the AVIVA group