Commenting on the move, Paul Stokes, head of marketing for Norwich Union Equity Release, said: "The reduction in the fixed interest rate comes at a time when the equity release market is booming. Recent figures published by SHIP (Safe Home Income Plans), which represents the major equity release providers, show that sales of mortgage-based plans, [such as] those offered by Norwich Union, had soared by 49 per cent in January to June 2002 compared with the same period last year.
"More and more people are now realising that there is an effective and safe way to release cash from their home to enable them to improve their lifestyle and give their retirement a cash boost."
