Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage from 9 January 2006 to its lowest fixed rate ever.
Norwich Union is reducing the interest rates on its Fixed Rate Lifetime Mortgage from 9 January 2006 to its lowest fixed rate ever.
The fixed interest rate for lifetime mortgages introduced by intermediaries will be reduced to 5.98%* (6.40% APR). The fixed interest rate offered by the Norwich Union Personal Finance salesforce will be 6.17%* (7.10% APR).
In addition, Norwich Union is making it easier for customers to increase their borrowing in the future. From 1 February 2006, customers with a Norwich Union Lifetime Mortgage will be able to apply for additional borrowing after three years. Previously customers were able to borrow extra money only after five years.
Daren Carter, director of sales and marketing at Norwich Union Personal Finance, said: “Norwich Union is the leading provider of lifetime mortgages in the market. Our fixed interest rate is now the lowest it has ever been, which is great news for customers. Also, in response to feedback from customers and intermediaries I am pleased to announce that we are making our lifetime mortgages more flexible from February.”
-ends-
Press office contacts:
David Gwyer 01904 452828 Out of 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 interest rate shown is the monthly equivalent rate. The annual rate is 6.15% for lifetime mortgages introduced by intermediaries and 6.35% for those introduced by the Norwich Union Personal Finance sales force. Norwich Union applies rates annually. The yearly cost of the loan is 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 the market leading equity release provider with a market share of 34% (source Safe Home Income Plans Q3 2005). Full written terms and conditions are available on request. Norwich Union is the UK's largest insurer.
Norwich Union is one of the UK's biggest insurers. 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 has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.
Norwich Union Equity Release Limited No 3286484. Registered at 2 Rougier Street, York, YO90 1UU. Authorised and regulated by the Financial Services Authority.