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Norwich Unions lowers rates on equity release

Norwich Union has lowered the fixed rate of interest on its cash release plan equity release product from 7.79 per cent to 7.55 per cent.

The new effective rate was introduced at the end of September by Norwich Union, which claims to be the largest equity release provider in the country. It says sales of the mortgage-based product are booming – sales for the first six months were up 49 per cent on the same time last year.

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