Norwich Union mortgages reduces equity withdrawal rate

Norwich Union is this week reducing the interest rates on its Fixed Rate Lifetime Mortgage.

The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.87 per cent (7.30 per cent APR).

Meanwhile the fixed interest rate offered by the Norwich Union personal finance sales force will be 7.06 per cent (7.50 per cent APR).

Mark Kelly, director of Norwich Union Personal Finance, said: "Norwich Union is the leading provider of lifetime mortgages in the market and we continually review our interest rates to ensure that they remain competitive."