Quantum Mortgages has selected Norton Broker Services to participate in the pilot of its new residential mortgage offering.
The launch gives brokers working with Norton access to residential mortgage options for borrowers with complex credit histories and non-standard circumstances.
Quantum’s criteria include consideration of borrowers with current Individual Voluntary Arrangements (IVAs), without requiring these to be repaid, and those whose bankruptcy occurred more than 12 months ago.
The lender does not use credit scoring and can consider unlimited values of CCJs and defaults on selected credit repair plans. Lending is available across England, Wales and Northern Ireland.
It also considers affordable housing schemes and offers joint borrower sole proprietor arrangements for purchases and remortgages. Self-employed applicants can be considered with a minimum of 12 months’ self-employment.
Eddie Lau, broker account manager at Norton Broker Services, said: “For borrowers with a complex credit history, the details of a lender’s criteria can determine whether there is a workable route to a mortgage. Brokers need to understand how an IVA, previous bankruptcy or arrears will be treated before progressing an application.
“Being involved at the pilot stage gives us the opportunity to work with Quantum as it introduces its residential offering. Its approach to credit histories and self-employment gives us further options to explore for brokers whose clients have a limited choice of lenders.”
Harsha Dahyea (pictured), chief commercial officer at Quantum Mortgages, added: “We’re incredibly excited to be working with Norton Broker Services for our pilot residential offering. It’s a fantastic opportunity to work closely together as we bring our approach to specialist lending into the residential market.
“We’re looking forward to seeing the opportunities this creates and, most importantly, helping brokers find solutions for customers with more complex circumstances.”
