Article date: 19 June 2006
Norwich Union is raising the interest rateson its Index-linked Lifetime Mortgage plans from Monday 19 June2006.
The annual interest rates on the Index-Linked Lifetime Mortgagewill be a minimum of 4.69% (4.9% APR) and maximum of 9.93% (10.2%APR). Pipeline cases will be given until Friday 14 July 2006 tocomplete to qualify for the previous rate after which they will besubject to the new interest rates.
Daren Carter, director of sales and marketing at Norwich UnionPersonal Finance, said: “We are the market leader in thelifetime mortgage market and aim to keep our pricing as competetiveas possible. Long-term interest rates have risen and we have had toincrease our rates. Despite this increase the new minimum andmaximum interest rates are still lower than those at the start ofthe year.”
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Notes to editors:
This is a lifetime mortgage. To understand the featuresand risks, ask for a personalised illustration.
Before 19 June 2006, the rates were: minimum rate: 4.39%, maximumrate: 9.61%.
Norwich Union is the market leading equity release provider with amarket share of 34% (source Safe Home Income Plans Q4 2005). Fullwritten terms and conditions are available on request.
Norwich Union is the UK’s largest insurer. 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 is the UK’s largest general insurer with amarket share of around 14%, with a focus on insurance forindividuals and small businesses.
Norwich Union’s news releases and a selection of images areavailable from Aviva's internet press centre at www.aviva.com/media