Norwich Union has reduced the interest rates on its Fixed Rate Lifetime Mortgage plans.
The typical interest rate on the Fixed Rate Lifetime Mortgage will be reduced from 6.35% to 6.30%* (6.6% APR).
Brendan Kearns, product development manager at Norwich Union Personal Finance, says: “This rate change continues the downward trend of interest rates on lifetime mortgages. Although it is only a small change to the rate on our Fixed Rate Lifetime Mortgage I am glad to be able to use every opportunity to pass decreases in the cost of our funding onto customers.”
Equity Release insurance : News update: December 2006