New product changes as follows:
- Maximum Loan Increased to £30,000
- Maximum LTV Increased to 75%
- New Charge Rate from 10.90% Annual Rate
- Lender Fee Reduced to 2.50% (minimum fee £295)
- No Minimum Income (exception Gold Plan £25k)
- 100% Pension & Benefit Income Accepted
- To keep it simple only 5 Plans that offer loans from £3,000 to £30,000
- Loyalty Points earned on completions over £10,000 if processed via Norton Broker Services.
Scott Thorpe, Broker Liaison Officer from Norton Broker Services, said:
"I am delighted with the changes made by our own lending company and in particular the new rate of 10.90% which is great news. I believe this once again reflects our common sense approach to lending."
Stephen Lawrence, Group National Sales Manager of Norton Finance UK Ltd, said:
"The lending criteria changes plus our award winning processing service that delivers a high proportion of DAY 1 payouts will attract more business from the Intermediary Market Place,
"The introduction of only 5 Secured Loan Plans, that offer loans from £3,000 up to £30,000, will streamline the process and make it very much simpler for the Broker to complete a loan application with Norton Broker Services.
"As long as the LTV is not breached, unlike many other Secured Lenders, there is no need to re-issue a new loan Agreement on a different often more expensive Plan if there are changes to the valuation or mortgage amount borrowed."
