Article date: 1 August 2005
Norwich Union is improving the cash releaseterms on its Home Reversion Plan with immediate effect.
This review of the terms will benefit the majority of peopletaking out the Home Reversion Plan and could mean up to £2,000 morecompared against old rates.
A 75 year old male selling all of his £200,000 property would nowreceive £105,798 against £104,320 before the review.
A couple both aged 65 selling 81.7% of their£100,000 property would now receive £26,806 against £25,000 beforethe review.
Nigel Spencer, head of marketing for NorwichUnion Personal Finance, said: "Following on from the successfullaunch of the Norwich Union Home Reversion Plan in April thisreview of terms means the competitive position of our offering isvery strong. We now offer higher cash payments than the leadingcompetitors in the majority of cases. On price we are particularlystrong above age 70 and for joint cases. Our in-built guaranteesalso provide customers with a high level of protection andbenefit."
The Norwich Union Home Reversion Planincorporates two extra guarantees as standard, the InheritanceProtection Guarantee and the House Price Inflation Guarantee.*
Intermediaries can find out more about thesechanges and equity release from Norwich Union by visiting itsdedicated website, www.ifaresourcecentre.co.uk.
Press office contacts:
Lorna Wiltshire 020 76621013 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
*The Inheritance Protection Guarantee is designed to protect thevalue of the plan holder’s estate in the event of death orlong-term care in the first four years of the plan. The House PriceInflation Guarantee is designed to pass on some of the benefit ofexceptional increase in the value of the plan holder’sproperty.
The Norwich Union Home Reversion Plan is offered by NorwichUnion Equity Release Limited on behalf of Grainger Trust plc andtheir subsidiaries, the UK’s largest residential propertyinvestor quoted on the stock exchange.
The Home Reversion Plan is available in England and Wales and isnot regulated by the Financial Services Authority.
- Norwich Union is the market leading equity release providerwith a market share of 37% (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.