The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.30% (The overall cost for comparison is 6.8% APR).*
Norwich Union will also be increasing commission rates for intermediaries who write equity release business by 0.5% across their range of equity release products from 25 July 2005.
Nigel Spencer, head of marketing for Norwich Union Personal Finance, said, “Norwich Union Personal Finance continually reviews interest and commission rates and we are delighted that we can pass on a reduction of 40 basis points to customers alongside an enhancement to adviser commissions. We are committed to supporting growth in the intermediary market for equity release and are confident that our increased commission rates reward advisers for the extra qualifications and advice steps required to operate in the equity release market.”
