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Norwich Union reduces lifetime mortgage rates
18 December, 2006
Norwich Union is reducing the interest rateson its Fixed Rate Lifetime Mortgage plans from Monday 18 December2006.
The typical interest rate on the Fixed Rate Lifetime Mortgageintroduced by intermediaries will be reduced from 6.35% to 6.30%*(6.6% APR). All pipeline cases that are offered on or after 18December 2006 will be subject to the new interest rates.
Brendan Kearns, product development manager at Norwich UnionPersonal Finance, said: “This rate change continues thedownward trend of interest rates on lifetime mortgages. Although itis only a small change to the rate on our Fixed Rate LifetimeMortgage I am glad to be able to use every opportunity to passdecreases in the cost of our funding onto customers.”
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
About Norwich Union
*Please note that the interest rateshown is the annual equivalent rate. The yearly cost of the loan isshown as the APR (annual percentage rate). This is a lifetimemortgage. To understand the features and risks, ask for apersonalised illustration.
The actual rate available will depend upon the customer’scircumstances. Ask for a personalised illustration.
About NorwichUnion
Norwich Union is the UK’s largestinsurer. It is a leading provider of life, pensions and investmentproducts and one of the largest financial adviser (FA) providers.FAs provide over 70% of the company's long-term savings business inthe 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