Archive for the ‘Norwich Union’ tag
Norwich Union Life Equity Release Sales Increase by 89%
Norwich Union Life has recently announced that equity release sales have increased by 89% to £83m in Q1 2009, compared to Q1 2008.
Q1’s high volumes have been driven by the significant pipeline of business (£75m) coming out of 2008 says Norwich Union.
Group manager for Norwich Union equity release Dominic Fraser-Smith said Norwich Union regained the number one position in the overall market at the end of 2008 thanks in the main to achieving a 27% market share in the IFA channel in Q4.
‘We have been prudently managing our risk in the turbulent property market, reducing our LTV scale twice since November 2008 and limiting the percentage of property value we will offer for higher risk properties.’
Norwich Union Predict Doubling Of Equity Release Market
Norwich Union who recently celebrated their 10th anniversary in the equity release market has predicted that the market will double to £2.4bn of lending over the next five years.
A spokesman for Norwich Union said “Going forward we see the equity release market doubling over the next five years and truly coming into its own as a mainstream retirement planning tool. With big high street names offering these products to their customers, more intermediaries gaining their qualifications and equity release innovations taking into account customers changing needs, the future for this market is bright”
