The interest rate on the Fixed Rate Lifetime Mortgage introduced by intermediaries will be 6.08 per cent (6.5 per cent APR). The interest rate for business introduced by the Norwich Union Personal Finance (NUPF) salesforce will be 6.31 per cent monthly (6.8 per cent 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 competetive at all times but long-term interest rates have risen and this means we have had to raise our lifetime mortgage rates.”
