Norton Home Loans (NHL) has launched a new Premium Plan product on its 1st Charge mortgages allowing loans up to £350,000 to 85% loan-to-value (LTV).
In addition, NHL has increased LTVs and maximum loans sizes on its Optimal 1 and Optimal 2 HLTV products to 85% LTV and £250,000 and £200,000 respectively.
The new Premium Plan allows up to a status 1 in the last 12 months on credit cards, loans or/and hire purchases with none outstanding. The same applies for mail order, public utility and/ or communications. Minimum income is £30,000 from all sources (benefit income accepted if less than 50% of total income).
All the plans have been designed to appeal to a wider pool of borrowers and are aimed at those customers that may have experienced minor blips in the last 12 months and or have had more significant credit problems historically (over 12 months) which all NHL’s plans allow for.
Loan sizes between £3,000 and £350,000 are available across product types, with two-year, three-year and five-year fixed rates available on both first charge and second charge mortgage products. Terms of up to 30 years are also available.
Commenting, David Binney, Head Of Sales at Norton Home Loans, said: “Introducing our new Premium Plan range is a direct result of feedback from brokers who asked us to provide options for borrowers wanting to lend more at higher amounts and at higher LTV’s.
“Combined with our flexible criteria, increasing loan sizes and LTVs across our first charge range, it means we can now provide brokers and their borrowers with more solutions than ever before.”
