Article date: 9 January 2006
Norwich Union is reducing the interest rates on its Fixed RateLifetime Mortgage from 9 January 2006 to its lowest fixed rateever.
The fixed interest rate for lifetime mortgages introduced byintermediaries will be reduced to 5.98%* (6.40% APR). The fixedinterest rate offered by the Norwich Union Personal Financesalesforce will be 6.17%* (7.10% APR).
In addition, Norwich Union is making it easier for customers toincrease their borrowing in the future. From 1 February 2006,customers with a Norwich Union Lifetime Mortgage will be able toapply for additional borrowing after three years. Previouslycustomers were able to borrow extra money only after fiveyears.
Daren Carter, director of sales and marketing at Norwich UnionPersonal Finance, said: “Norwich Union is the leadingprovider of lifetime mortgages in the market. Our fixed interestrate is now the lowest it has ever been, which is great news forcustomers. Also, in response to feedback from customers andintermediaries I am pleased to announce that we are making ourlifetime mortgages more flexible from February.”
Press office contacts:
David Gwyer 01904 452828 Outof hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
Rob Pell 01904 452659 Out of hours 07800 699563
Cheryl Cox 01904 452617 Out of hours 07800 695275
Notes to editors:
*Please note, the interestrate shown is the monthly equivalent rate. The annual rate is 6.15%for lifetime mortgages introduced by intermediaries and 6.35% forthose introduced by the Norwich Union Personal Finance sales force.Norwich Union applies rates annually. The yearly cost of the loanis shown as the APR (annual percentage rate).
This is a lifetime mortgage. To understand the features and risks,ask for a personalised illustration.
About Norwich Union
Norwich Union is themarket leading equity release provider with a market share of 34%(source Safe Home Income Plans Q3 2005). Full written terms andconditions are available on request. Norwich Union is the UK'slargest insurer.
Norwich Union is one of the UK's biggest insurers. It is a leadingprovider of life, pensions and investment products and one of thelargest Financial Adviser (FA) providers. FAs provide over 70% ofthe company's long-term savings business in the UK.
Norwich Union has strategic alliances with building societies andother leading UK brand names including CIS and The Royal Bank ofScotland Group. Norwich Union’s news releases and a selectionof images are available from Aviva's internet press centre atwww.aviva.com/media.
Norwich Union Equity Release Limited No 3286484. Registered at 2Rougier Street, York, YO90 1UU. Authorised and regulated by theFinancial Services Authority.