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NU changes commission rates for lifetime mortgage business

Norwich Union is changing its commission rates for IFAs who write lifetime mortgage business.

Standard commission terms will increase to 1 per cent of the loan amount released by the customer. Currently, IFAs receive 0.5 per cent and 150. The new terms will be applicable from January 1 2005.

NU aims to reflect the higher costs IFAs now face in a newly regulated lifetime mortgage market .

NU director of personal finance Mark Kelly says: “This is good news for IFAs. Not only have we increased our standard terms to 1 per cent of hte loan amount released, we have also adapted our commission structure so that we can renumerate those who specialise in the market.”

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