Article date: 25 July 2005
Norwich Union is reducing the interest rates onits Fixed Rate Lifetime Mortgage from 25 July 2005.
The fixed interest rate for lifetime mortgagesintroduced by intermediaries will be 6.30% (The overall cost forcomparison is 6.8% APR).*
Norwich Union will also be increasing commissionrates for intermediaries who write equity release business by 0.5%across their range of equity release products from 25 July2005.
Nigel Spencer, head of marketing for NorwichUnion Personal Finance, said: "Norwich Union Personal Financecontinually reviews interest and commission rates and we aredelighted that we can pass on a reduction of 40 basis points tocustomers alongside an enhancement to adviser commissions. We arecommitted to supporting growth in the intermediary market forequity release and are confident that our increased commissionrates reward advisers for the extra qualifications and advice stepsrequired to operate in the equity release market."
Norwich Union is continuing to support theintermediary market through its dedicated website, www.ifaresourcecentre.co.uk,where intermediaries can find out more about equity release fromNorwich Union.
Press office contacts:
Lorna Wiltshire020 7662 1013 or 07800 695 150
David Gwyer 01904 452 828 or 07800 699 508
James Evans 01904 452 791 or 07800 699 525
Notes to editors
* Please note, the interest rate shown is the annual rate withinterest applied monthly. The yearly cost of the loan is shown asthe APR (annual percentage rate) In practice we apply interestannually.
- This is a lifetime mortgage. To understand the features andrisks, ask for a personalised illustration.
- Norwich Union is the market leading equity release providerwith a market share of 35% (source: Safe Home Income Plans Q22005). Full written terms and conditions are available onrequest.
- Norwich Union is the UK’s largest insurer. It is theUK’s largest provider of life, pensions and investmentproducts and one of the leading Financial Adviser (FA) providers.FAs provide around 75% of the company’s long-term savingsbusiness in the UK.
- 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 and a selection of imagesare available from Aviva's internet press centre at www.aviva.com/media.
- Norwich Union Equity Release Limited No 3286484. Registered at2 Rougier Street, York, Y090 1UU. Authorised and regulated by theFinancial Services Authority for lifetime mortgages. Homereversion plans are not regulated by the Financial ServicesAuthority.