Borrowers can access up to 85% LTV as a maximum LTV in the Optimal range, which is aimed at 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.
The maximum loan size also stands at £35,000, which it said would give borrowers more choice.
The firm continued that it had made other criteria updates, including allowing borrowers with temporary residence who are eligible. They must have a minimum credit score of 300 and show progress towards being a permanent resident or withdrawal of their via or temporary rights to reside.
For Right to Buy, the lender can exceed the purchase price by up to £10,000, subject to a maximum LTV of 60%.
It has also removed the requirements for a minimum of six months or mortgage history, so borrowers with any length of mortgage history can apply as long as they can show payment evidence.
Optimal plan rates have been lowered and start 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.”
