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Insurer launches new equity release offering in UK mortgage market

Norwich Union is to launch an equity release cash reserve option in mid-July 2006.

The product is a lifetime mortgage that enables customers to release an initial amount of money from the value of their home and allows access to more money over 10 years.

The launch of the cash release option complements Norwich Union’s range of equity release plans and reflects customers’ demand for greater flexibility. In the past, product innovation has driven the growth of the equity release market and as the market leader it is Norwich Union’s goal to remain at the forefront of these developments, says Daren Carter, director of sales and marketing at Norwich Union’s personal finance arm.