Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage plans from Monday 15 May 2006.
Norwich Union is raising the interest rates on its Fixed Rate Lifetime Mortgage plans from Monday 15 May 2006.
The interest rate on the Fixed Rate Lifetime Mortgage introduced by intermediaries will be 6.08%* (6.5%APR). The interest rate for business introduced by the NUPF salesforce will be 6.31% monthly (6.8%APR).
All pipeline cases that complete after Friday 9 June 2006 will be subject to the new interest rates.
Daren Carter, director of sales and marketing at Norwich Union Personal Finance, said: “We strive to make sure our rates remain competitive at all times but long-term interest rates have risen and this means we have had to raise our lifetime mortgage rates.”
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Press office contacts:
Cheryl Cox 01904 452791 Out of hours 07800 695275
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Notes to editors:
*Please note, the interest rate shown is the monthly equivalent rate. The annual rate is 6.25% for lifetime mortgages introduced by intermediaries, and 6.5% for business introduced by NUPF. 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.
The previous rates announced in March 2006 were 5.70%* (6.10% APR) for intermediaries. The fixed interest rate offered by the Norwich Union Personal Finance sales force was 5.89%* (6.30% APR).
About Norwich Union
- Norwich Union is the market leading equity release provider with a market share of 34% (source Safe Home Income Plans Q4 2005). Full written terms and conditions are available on request.
- Norwich Union is the UK's largest insurer. 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.