Norton Home Loans, the specialist intermediary-only mortgage lender, has introduced a series of criteria enhancements across its first and second charge product range, aimed at improving access for customers with complex credit histories, limited deposits, or non-standard income.
These updates include allowing Automated Valuation Models (AVMs) on Right to Buy (RTB) and purchase applications up to 80% LTV, subject to confidence levels. Where the confidence level is not met or the LTV exceeds 80%, a full physical valuation will be required.
Further enhancements include a reduction in the required conduct period for Debt Management Plans (DMPs), with satisfactory performance now accepted after six months rather than twelve.
Support for first-time buyers has also been improved, with the lender now requiring a minimum credit score of 300 for all customers and a £300 surplus across the overall case. Day-one referrals will no longer be required unless these criteria cannot be met.
The updates are designed for brokers working with clients who may not fit the profile of high street lenders, including those with minor credit issues, complex income, or existing financial arrangements that limit their choice of mortgage options.
Rates have been reduced by up to 1.4% across all lending plans, following the recent Bank of England Base Rate movement. The changes are designed to provide brokers with more competitive options when sourcing bespoke solutions for clients who may not meet mainstream criteria.
Norton Home Loans is a family-owned specialist lender with over 50 years of experience providing first and second charge mortgages for customers with credit blips, non-standard income or complex financial circumstances. Regulated by the FCA and lending across England, Scotland and Wales, the business works exclusively through intermediaries.
David Binney, Head of Sales at Norton Home Loans, said:
“We’re continuing to see strong and consistent demand from borrowers who don’t fit the traditional mould of a high street customer. That might mean borrowers with a minor credit issue, variable income, or historic financial arrangements such as a Debt Management Plan that’s now well under control.
“We’ve implemented this package of criteria enhancements to remove some of the unnecessary friction that prevents those cases from progressing. For example, by shortening the DMP conduct period and allowing AVMs on Right to Buy and purchase applications, we’re reducing the number of small but time-consuming hurdles that can hold a case up for weeks. Similarly, the updates for first-time buyers are designed to simplify the process and give brokers more confidence at the point of recommendation.
“These refinements, along with the recent rate reductions, are about making sure our proposition evolves with the market. Brokers are dealing with an increasingly complex client base, and it’s our job as a specialist lender to adapt and support them.”
