Article date: 19 May 2008
Norwich Union, the market leading provider in the equity release sector, announces today that it is to improve its home reversion plan. It is:
- Reducing the minimum loan size from £25,000 to £15,000.
- Increasing the maximum loan amount a customer can release from 56% to 59%.
These changes allow customers to take a more flexible approach to their home reversion policy by being able to take out a smaller loan amount or by allowing them to release a higher percentage of their property value.
Press office contacts:
David Gwyer 07800 693187
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 is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media
Home Reversion Enhancements
- The new Home Reversion scales will apply to all applications received on or after the 13 May 2008.
- Loan to value scales depend upon a number of factors.