Norwich Union is reducing the interest rate on its fixed rate lifetime mortgage.
The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.30 per cent with the overall cost for comparison at 6.8 per cent APR.
Norwich Union will also be increasing commission rates for intermediaries who write equity release business by 0.5 per cent across their
range of equity release products from July 25.
NU head of marketing Nigel Spencer says: “Norwich Union Personal Finance continually reviews interest and commission rates and we are delighted that we can pass on a reduction of 40 basis points to customers alongside an enhancement to adviser
commissions. We are committed to supporting growth in the intermediary market for equity release and are confident that our increased commission rates reward advisers for the extra qualifications and advice steps required to operate in the equity release market.”