"These changes will help make us a more viable option for many borrowers seeking solutions to greater complexity and strengthen our position as a lender of financial inclusion moving forward."
- David Binney, head of sales at Norton Home Loans
Norton Home Loans has announced a series of updates to its lending criteria, including an increased maximum LTV ratio and a higher maximum loan size.
Borrowers can now benefit from a maximum LTV of 85% across Norton’s Optimal range, providing more opportunities for customers with minor or temporary blips on their credit record in the last 12 months, as well as historical CCJs, defaults, and other credit impairments. Additionally, the maximum loan size has been increased to £350,000, expanding the potential for larger borrowing amounts.
Other key lending criteria updates include changes for borrowers with temporary residency status who are eligible, provided they meet the minimum credit score of 300 and can demonstrate progress towards becoming a permanent resident or the withdrawal of their visa/temporary rights to reside.
Under the updated Right to Buy scheme, lending can now exceed the purchase price by up to £10,000, subject to a maximum 60% LTV, allowing customers to carry out essential improvement works on the property.
Norton has also made changes to the required minimum mortgage history for borrowers. The previous requirement for a minimum of six months of mortgage history has been removed. Borrowers with any length of mortgage history can apply, provided they can supply evidence of payment.
In addition, Norton has reduced interest rates across its Optimal plans, with rates now starting from 9.95%.
David Binney, head of sales at Norton Home Loans, said: “The specialist mortgage market has seen increased competitiveness during 2024. These changes will help make us a more viable option for many borrowers seeking solutions to greater complexity and strengthen our position as a lender of financial inclusion moving forward.”
