Homeowners who want to release equity from their properties can now buy Norwich Union’s Flexible Cash Release Plan through Coventry Building Society branches.
Homeowners who want to release equity from their properties can now buy Norwich Union’s Flexible Cash Release Plan through Coventry Building Society branches.
Norwich Union’s equity release product – which gives people aged 60+ access to some of the cash tied up in their home – is now available to Coventry Building Society customers following a link-up between the two companies.
Equity release is becoming increasingly popular as a way of boosting retirement income to fund everything from dream holidays and new cars to long term care and investment. Plans worth more than Ł572 million were taken out last year.
And with house prices in the UK up by 8.5 per cent in 2001*, many older home-owners are sitting on a goldmine.
The Flexible Cash Release Plan is a mortgage-style product – the most popular type, accounting for 75 per cent of equity release plans taken out in 2001. No repayments are made during the customer’s lifetime and there is a no-negative equity guarantee. The interest rate is fixed.
The proportion of the property value which can be released as a cash lump sum increases with the homeowner’s age, starting at 17 per cent for age 60 and rising to 50 per cent for age 89+.
ˇFor more information, customers can call 0845 766 5522 (calls charged at local rate) or call into their local Coventry Building Society branch.
For further media information, contact Anja Kueppers or Matthew Buchanan at QBO on 020 7379 0304 or Louise Zucchi at Norwich Union Press Office on 08703 66 68 60
Notes to editors
- * source: Council of Mortgage Lenders
- The plan provides a lifetime loan secured on property. Full written terms and conditions are available on request.
- CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT SEEK INDEPENDENT ADVICE.
- Norwich Union is the UK’s largest insurer. It is the UK’s largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company’s long-term savings business.
- Norwich Union has strategic alliances with over 20 building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on this internet site
- A selection of images is available from the CGNU Newscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews. Call the press office on 08703 66 68 68
For all Norwich Union life & pensions media enquiries 08703 66 68 73
For all other Norwich Union media enquiries 08703 66 68 68
- Coventry Building Society is the fifth largest society in the UK with assets of Ł7.2 billion.
- The Society was established in 1884 and is regarded by most commentators as one of the strongest societies in the UK.
- In addition to its 50 branches it also has a postal and telephone savings and mortgage operation and two internet sites www.coventrybuildingsociety.co.uk and www.remortgages.co.uk
- For all Coventry Building Society media enquiries 0870 607 7727