Norwich Union slashes lifetime mortgage rates

10 January 2006
Norwich Union looks set to reduce the interest rates on its Fixed Rate Lifetime Mortgage this week.

The financial lender will reduce the rate to its lowest fixed rate ever for lifetime mortgages.

The fixed rate for lifetime mortgages introduced by intermediaries will be reduced to 5.98 per cent, while those offered by the Norwich Union Personal Finance saleforce will be cut back to 6.17 per cent.

On top of this, the lender is also helping customers to increase their borrowing in the future. As from February 1st this year Norwich Union Lifetime Mortgage customers will be able to apply for additional borrowing after three years. Previously this was only available 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 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."

Norwich Union is the market leading equity release provider in the UK with a market share of 34 per cent.

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