Experience, knowledge and credibility are extremely important qualities for anyone working in the mortgage industry.
Whether as a large business, an individual, or as part of a small organisation, experience and expertise can go a long way when it comes to navigating the highs and lows of working in the mortgage market.
Products are constantly evolving; regulation is continually shifting and geopolitical factors, both domestically and on a global scale, mean being on the front foot is crucial to both success and survival.
Half-century milestone
As a longstanding player in the mortgage industry, Norton prides itself on having weathered a few storms and continues to thrive as a business.
The firm recently celebrated 50 years in the industry, a half-century milestone it shares with the Consumer Credit Act and a rather successful fast-food establishment called McDonald’s. Over this time, the road to success has not been easy. There was the brutal property crash and recession of the 1980s that led to the collapse of many businesses as well as the loss of many homes.
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Then there was the credit crunch and global financial crisis in 2008 and, most recently, the Covid pandemic, all of which presented major challenges to the business and to anyone working in the mortgage market.
While many businesses would have struggled or even closed under these circumstances, Norton lived to tell the tale. The experience gained through navigating these choppy waters, coupled with the drive and determination needed to survive, shows the business’ resilience. It remains a thriving and successful player in the modern-day mortgage market.
Trading through recession
This is a significant achievement in today’s society, where fast fashion and throwaway culture are par for the course. Experience and longevity are no longer a guarantee in any industry, but having encountered the rough with the smooth, Norton is proof of how resilience and determination can bring reward.
After the recession of the early 1990s, which was undoubtedly the toughest time in the company’s history, Norton emerged with plans for expansion and diversification that saw both lending and broking becoming a key USP for the business. This is a position the company continues to enjoy today, with continued growth and a strong balance sheet ensuring the Norton Group’s future stability.
Eyes on the future
So, what does the future hold for the Norton Group going forward? What have we learned from 50 years of experience in the specialist mortgage market and how can we use this knowledge to ensure we are still around for another 50?
I believe the future is bright for the loan and mortgage industry in general, and 2024 so far has seen a big upturn in business for the Norton brokerage, which saw its best month of the year in July.
Both first and second charge mortgages have also seen a significant upturn in demand, with the latter increasingly being viewed as a mainstream product in the eyes of the regulator.
With seemingly greater economic and political stability in the UK as we head into 2025, Norton is confident about the future of the mortgage market and the growth of the company going forward.
The plan is to continue to build on the company’s proven formula of steady organic growth and prudent financial management, using the experience and knowledge acquired over the last half century to evolve and adapt our business as and when required.
Here’s to the next 50 years.
