Aviva-owned insurer Norwich Union has announced that it is raising the interest rates on its Fixed Rate Lifetime Mortgage plans from 5.7% to 6.08%. Norwich Union is the market leading equity release provider with a market share of 34%.
<p>The interest rate for business introduced by the NUPF salesforce will be 6.31% monthly, from the previous rate of 5.89%. All pipeline cases that complete after Friday June 9, 2006 will be subject to the new interest rates, the firm said.<br /><br />Daren Carter, director of sales and marketing at Norwich Union personal finance, said: We strive to make sure our rates remain competitive at all times but long-term interest rates have risen and this means we have had to raise our lifetime mortgage rates.</p>