Norwich Union, the UK’s largest provider of equity release loans, is reducing the fixed interest rate for new customers on its Cash Release Plan from 7.79 per cent to 7.55 per cent. The new interest rate is applicable from 30 September 2002.
Norwich Union, the UK’s largest provider of equity release loans, is reducing the fixed interest rate for new customers on its Cash Release Plan from 7.79 per cent to 7.55 per cent. The new interest rate is applicable from 30 September 2002.
Paul Stokes, head of marketing for Norwich Union Equity Release, said: “The reduction in the fixed interest rate comes at a time when the equity release market is booming. Recent figures published by SHIP (Safe Home Income Plans), which represents the major equity release providers, show that sales of mortgage-based plans, those offered by Norwich Union, had soared by 49 per cent in January to June 2002 compared with the same period last year.
“More and more people are now realising that there is an effective and safe way to release cash from their home to enable them to improve their lifestyle and give their retirement a cash boost.”
- Customers wanting more information about Norwich Union equity release products should call: 0800 015 4015
Media contact
Louise Zucchi, Norwich Union Press Office, 08703 666860/07860 203466
Notes to editors
- Market size details quoted are based on the figures released by SHIP on 09/08/02 and include sales by SHIP members only.
- 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.
- The plan provides a lifetime loan secured on property. The availability of a loan depends upon age and property value. The loan and interest become payable when the borrower/surviving borrower dies or goes into long term care.
- The plan should be seen as a lifetime commitment. Substantial early repayment charges may be payable if the loan is repaid for a reason other than death or long term care needs. Full written terms and conditions are available on request.
- 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 building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
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- Norwich Union Life Services Limited represents only the Norwich Union Marketing Group, members of which are regulated by the Financial Services Authority, for life assurance, pensions and investments.
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