Norwich Union will be raising the interest rates on its index-linked lifetime mortgage plans, starting today.
The annual interest rates on the product will be a minimum of 4.69%, or 4.9% APR, and a maximum of 9.93%, or 10.2% APR, up from the previous rates of 4.39% and 9.61%. Norwich Union says pipeline cases will be given until 14 July to complete the transaction and qualify for the previous lower rates, after this date they will be subject to the new rates. Daren Carter, director of sales and marketing at Norwich Union Personal Finance, says the company aims to keep its pricing as competitive as possible within the lifetime mortgage market. But he adds: “Long-term interest rates have risen ...
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