Norwich Union raises index-linked lifetime mortgage rates

The annual interest rates will be a minimum of 4.9 per cent APR and a maximum of 10.2 per cent APR.

Pipeline cases will be given until Friday 14 July 2006 to complete to qualify for the previous rate.

Daren Carter, Director of Sales and Marketing at Norwich Union Personal Finance, said: “We are the market leader in the lifetime mortgage market and aim to keep our pricing as competitive as possible.

“Long-term interest rates have risen and we have had to increase our rates. Despite the increase the new minimum and maximum interest rates are still lower than those at the start of the year.”