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NU enhances equity release proposition

Norwich Union is making improvements to its lifetime mortgage equity release proposition.

From today NU is launching its lifestyle lump sum max to give customers the opportunity to release more equity from their product at every age.

The move will see NU increase LTVs and reduce application age to 55 for all lifetime mortgage products. There will be no waiting period for further borrowing and legal and application fees have been combined for greater simplicity.

NU head of marketing, post retirement Anthony Rafferty says the improvements are in response to adviser and customer demand.

He says: “They told us that they want products that offered more flexibility and were easy to understand, and that’s exactly what we’re delivering with these changes.

“The equity release market is changing fast. Customers and advisers now want more flexibility and choice when it comes to choosing when and how they release equity from their home. These improvements represent a step-change in our product set in terms of quality and choice.”

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Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]

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