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NU hikes fixed rate Lifetime interest rates

Norwich Union has raised the interest rates on its Fixed Rate Lifetime Mortgage plans.

The interest rate on the Fixed Rate Lifetime Mortgage introduced by intermediaries will be 6.08 per cent (6.5 per cent APR). The interest rate for business introduced by the NU Personal Finance salesforce will be 6.31 per cent monthly (6.8 per cent APR).

All pipeline cases that complete after Friday 9 June 2006 will be subject to the new interest rates.

NUPF director of sales and marketing Darren Carter says: We strive to make sure our rates remain competetive at all times but long-term interest rates have risen and this means we have had to raise our lifetime mortgage rates.

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