Norwich Union is lowering its fixed-rate lifetime mortgage interest rates starting today.
The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.3 per cent. The overall cost for comparison is 6.8 per cent APR.
The building society will also be increasing commission rates for intermediaries who write equity release business by 0.5 per cent across the range of equity release products effective immediately.
Nigel Spencer, head of marketing for Norwich Union Personal Finance said: "We continually review interest and commission rates and we are delighted that we can pass on a reduction of 40 basis points to our customers."
Norwich Union continues to support the intermediary market through its website, where intermediaries can learn more about equity release. To read more about mortgages, click here.
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