In addition, from today (14th July), Norwich Union is taking a further step to support the key IFA channel by launching a ‘Special offer’ that reduces the rate for IFAs to 7.15%.
This is the lowest equity release fixed rate available to all IFAs.
All other product terms and eligibility criteria are unchanged.
This special offer will be extended to Norwich Union’s building society partners from next month (a separate announcement will be made in due course on this).
Commenting, Rob Jones, Head of Sales Channel Development at Norwich Union Equity Release said: “From research we’ve carried out, we know that 87% of IFAs are keen to generate further equity release business, and we are confident that this move will keep Norwich Union as the leading provider in IFAs’ minds.
“Most product and service providers now reflect the cost of distribution in their product pricing. However, within the equity release market, it remains the case that most providers distribute their plans through one channel only, and their pricing simply reflects the costs of operating in that channel. Norwich Union is one of the few equity release providers to have multi-channel distribution.
“We intend to test IFA demand through this special offer, and if it proves successful, we will look to introduce channel pricing on a more permanent basis.”
