Norwich Union launches 2 per cent discount mortgage

Amanda Jarvis

May 15, 2002

Norwich Union has launched a discounted mortgage available through the Royal Bank of Scotland, but exclusive to Norwich Union IFA Club members and Your Move estate agencies.

The two per cent discount on a standard variable rate is available until 1 July 2004, and has minimal packaging requirements. Employed clients need only fill out an application form, provide I.D and enclose the valuation fee.

The loan is available at a maximum 75 per cent loan to value ratio and at an initial pay rate of 3.95 per cent.
Minimum loan sums are set at £50,000 and all loans award a procuration fee of 0.45 per cent for loans of up to £75,000 and 0.55 for sums in excess of that.

Norwich Union is the UK’s largest insurer and IFAs provide around 75 per cent of the company’s long-term savings business.

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