12 June 2002 - Zurich Financial Services has entered the mortgage market with a new service - offering a choice of Zurich-branded mortgage products, accompanied by guaranteed financial advice1.
The launch of Zurich branded mortgages, through Zurich Personal Finance - part of the joint venture between Zurich and Bank of Scotland, an HBOS plc group company - follows the launch of online banking service, Zurich Bank, and personal loans in January.
Zurich mortgages will provide a tailored, personal service to customers with a choice of mortgage options. Initially, four mortgage products will be available through the Zurich Advice Network (ZAN), Zurich's 3,900-strong network of trained, financial advisers, with more products to follow. The product range is outlined below:
- Discount mortgages: Attractive 1, 2 and 3 year discounts for people who want to take advantage of even lower rates when they need them most
- Professional mortgage: designed for professionals to borrow extra funds in their early years of training
- Buy-to-let: Offering a competitive tiered-rate structure to people who want to generate income from renting a second home
- Large Loan mortgage: Designed for people who want to borrow large amounts (up to £1m) at competitive rates
Zurich mortgages will be marketed separately, as well as being promoted through www.zurichbank.co.uk, significantly adding to the potential for sales to existing bank customers. Assuming no significant downturn in the mortgage market, the mortgage service aims to attract up to 100,000 new borrowers over a ten-year period.
Shaun Trowbridge, Managing Director of Zurich Personal Finance, comments, "This is a significant development of Zurich's banking services offering, which allows us to provide for more of our customers' needs. Building Zurich's mortgage service through its joint venture with Bank of Scotland means we are able to draw on products and expertise at a cost considerably lower than acquiring an existing mortgage operation, and combine it with our own experience in this area."
For more information on Zurich Mortgages, customers can contact Zurich's freephone hotline on 0800 096 6233.
1 Zurich is committed to ensuring that the advice given by Zurich Financial Advisers will be best suited to their client's objectives at that time. If this proves not to be the case, Zurich guarantees to put it right.
-ends-
For more information, please contact:
| Debi Isaac, Zurich Bank |
01793 503 354 |
07785 306092 |
| James White, GCI |
020 7072 4000 |
07887 848 896 |
Editors notes
Zurich Personal Finance
Zurich Personal Finance Limited is a joint venture company between Zurich Financial Services and Bank of Scotland, an HBOS plc group company. Loans and Mortgages are provided by Zurich Personal Finance, City House, City Road, Chester, CH88 3AN. Additional products and services will be launched on an on-going basis.
Zurich Bank
Zurich Bank is the UK online banking service from Zurich Financial Services Group, in conjunction with Bank of Scotland, an HBOS plc group company.
Zurich's entry into retail banking, with its online banking service, zurichbank.co.uk, is an integral part of the provision of multi channel access for customers to Zurich's products and services. The online service, with 24hr telephone support, offers the maximum potential to generate frequent contact with customers, as well as providing access to face-to-face financial advice, via the Zurich Advice Network.
Zurich Bank, along with Dunbar Bank, Zurich's private banking arm, form Zurich's Banking Division and create a comprehensive banking proposition.
The bank is based in Cheltenham and employs over 250 people. The bank is licensed by the FSA for pan-European banking and is a member of the Ombudsman scheme.
Zurich Financial Services
The Zurich Financial Services Group (www.zurich.com) is a global leader in integrated financial services, providing its customers with solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on the key markets of North America, UK, Switzerland and Europe, as well as selected other markets where it has or can reach a competitive position. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries and employs approximately 70,000 people.
