View more on these topics

Norwich Union brings big name into reversion

Norwich Union is introduing a home-reversion plan after extensive research into the sector.

The plan will be sold on a fully advised basis through regulated IFAs and mortgage intermediaries and directly to con- sumers through NU’s own financial consultants.

The plan includes an inheritance protection guarantee to protect the value of an estate in the event of death or a long-term care requirement in the plan’s first four years.

A house-price inflation guarantee aims to ensure the customer will benefit from rises in the value of their property. If the price has risen more than 7.5 per cent a year above inflation since the start of the plan on the sale of the property, the excess is shared equally with the customer.

Key Retirement Solutions business development director Dean Mirfin says the reversion market has lacked big names but with NU’s entry other lenders may move in.

NU Personal Finance director Mark Kelly says: “This plan is an important development in the equity-release market as there has not been a major product provider in the reversion market for several years.”

Hill Martin mortgage expert Steve Smith says: “I would be interested to see who is funding it. Is it the NU with-profits fund as it funds its lifetime mortgage lending?”

Recommended

MassMutual completes Baring acquisition

MassMutual has completed its acquisition of Baring Asset Management from ING. The acquisition adds approximately 18.4bn to assets under management for MassMutual, which now exceed 185bn. Baring will continue to operate independently.

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com