Thursday, July 18, 2024
HomeMortgageNorton Home Loans adds Optimal plans and lowers rates

Norton Home Loans adds Optimal plans and lowers rates

Norton Home Loans adds Optimal plans and lowers rates

Mortgage lender Norton Home Loans has introduced a pair of Optimal plans to its first and second charge mortgages, to help borrowers with minor or temporary credit blips.

The products are open to borrowers with a history of adverse credit or payday lending older than 12 months. Rates on Norton Home Loans’ Optimal 1 plans begin at 10.58% on first and second charge mortgages. 

Options are available up to 75% loan to value (LTV) on mortgage terms of up to 30 years. 

Norton Home Loans will lend between £3,000 and £250,000 across both product types, with a two- and five-year fixed option on both first and second charges. 

The lender has also reduced rates by more than 2% on select deals within the first and second charge mortgage rates, with rates on the lender’s second charge A Plan now starting from 11.98%. 

David Binney (pictured), head of sales at Norton Home Loans, said: “With inflation reaching the government’s target, a base rate reduction on the horizon and swaps stabilising since the beginning of the year, this is the right time for us to start reducing rates, making us more viable to our broker partners and their clients looking for an affordable solution where the rest of the market cannot assist.

“These rate reductions and plan enhancements are the start of several other exciting improvements planned for our product, criteria and process.” 

Earlier this year, Rachel Wilks was appointed operations director at Norton Group, the parent company of Norton Home Loans and its financial advice arm Norton Broker Services, with a remit to oversee the company’s customer operations, technology, change and delivery teams.

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