Article date: 22 November 2004
- home improvements, holidays, cars and boostingincome are favourites
Norwich Union research has revealed what thecompany’s customers spend their lifetime mortgage moneyon.
Many customers who take out a Norwich UnionLifetime Mortgage spend the money released from their home on homeimprovements, holidays, new cars and to top up their income. Thebreakdown of what Norwich Union customers use their lifetimemortgage money for is as follows.
- Home improvements 71.5%
- Top up income 37.5%
- Go on holiday 34.9%
- Buy a car 27.8%
- Gifts to family/friends 6.2%
Mark Kelly, director of Norwich Union PersonalFinance, said: "Lifetime mortgages are popular with people who wantto maintain their lifestyle after they retire. Many older people– particularly those on low incomes – use them to payfor home improvements such as new windows, conservatories and evento pay for things such as new central heating systems."
He added: "Research** we commissioned shows thatmany retired people would like to improve their home but do nothave the money to do so. Holidays and new cars are also importantfor people who want to maintain the lifestyle in retirement thatthey had while they were working.
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Rob Pell 01904 452659 Out of hours 07800 699563
Louise Soulsby 01904 452617 Out of hours 07800 699526
James Evans 01904 452791 Out of hours 07800 699525
Notes to Editors
*Research conductedby Norwich Union Personal Finance Ltd. 648 customers were surveyedbetween July and September 2004. Figures add up to more than 100%because customers often use their lifetime mortgage money for morethan one purpose.
** Research was conducted by a YouGov poll 2-5April 2004; survey sample size 2106.
Minimum property values apply.
- Norwich Union is the market leading lifetime mortgage providerwith a market share of 41% (source Safe Home Income Plans Q22004).
- Full written terms and conditions are available on request.Norwich Union is the UK's largest insurer. It is the UK'slargest provider of life, pensions and investment products andone of the leading IFA providers. IFAs provide around 75% of thecompany's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco PersonalFinance and The Royal Bank of Scotland Group. Norwich Union'snews releases and a selection of images are available fromAviva's internet press centre at www.aviva.com/media
- Norwich Union Equity Release Limited No 3286484. Registered at 2Rougier Street, York, YO90 1UU. Authorised and regulated by theFinancial Services Authority.