Norwich Union (NU) says it has regained its position as the number one provider of equity release products following a series of product innovations and promotions during 2008.
The firm believes it has secured top spot after confirming revenue figures from reported sales of £249m compared to £242m for Prudential, the former frontrunner in the equity release market. It highlighted a series of successes in 2008, including launching a proposition in Northern Ireland in January and increasing the LTV scale for its lifetime mortgages in April. In May, the minimum cash payment for home reversion plans decreased from £25,000 to £15,000 while the home reversion cash-to-release scale jumped from 56% to 59%. This was followed by a product enhancement launch in August whic...
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