Article date: 1 October 2007
Norwich Union, a market leading provider in the equity release sector has today announced that it has joined the Premier Mortgage Services (PMS®) panel. This deal will see Norwich Union offer specialist IFA rates to all members of the panel and further underlines the company's commitment to the intermediary market for this sector.
PMS is the largest mortgage club for intermediaries and has a membership of around 10,000. In Q1 2007, it sold £55 million of equity release business. The specialist IFA rates that Norwich Union will offer to all PMS® subscribers currently stand at 6.4% (6.7% typical APR) for fixed rate lifetime mortgages and 6.45% (6.8% typical APR) for the cash reserve option.
Dominic Fraser-Smith, marketing manager at Norwich Union Post Retirement Products, said: "We are delighted to join the PMS® mortgage panel and to offer specialist rates to all members. This move will provide a mutually beneficial relationship for ourselves and advisers on the panel. We look forward to a productive relationship with them going forward and hope to expand our offering with them in the future."
John Malone, managing director at Premier Mortgage Service comments: "It is great news to have Norwich Union joining our panel. At PMS® we currently complete in excess of 20% of the new business submitted in the equity release intermediary market, so we're delighted to have a market-leading provider in this area on board. The specialist rates from Norwich Union should also be great news for our members and we look forward to working with them going forward."
Press office contacts:
Sarah Horner 01904 452828 Out of hours 07800 691569
The Wriglesworth Consultancy
Laura O'Connell / Lee Blackwell / Suman Katyal
0207 845 7900
Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.