Norton Home Loans has updated its lending criteria, including an increased maximum loan-to-value (LTV) and a higher maximum loan size.
Borrowers can now benefit from a maximum LTV of 85% across the Optimal range, providing more opportunities for customers with minor or temporary blips on their credit record in the last 12 months, as well as historical County Court Judgements (CCJs), defaults, and other credit impairments.
The maximum loan size was increased to £350,000, expanding the potential for larger borrowing amounts.
Other key lending criteria updates include changes for borrowers with temporary residency status who are eligible, provided they meet the minimum credit score of 300 and can demonstrate progress towards becoming a permanent resident or the withdrawal of their visa or temporary rights to reside.
Under the updated Right to Buy scheme, lending can now exceed the purchase price by up to £10,000, subject to a maximum 60% LTV, allowing customers to carry out essential improvement works on the property.
Norton Home Loans also made changes to the required minimum mortgage history for borrowers.
The previous requirement for a minimum of six months of mortgage history has been removed.
Borrowers with any length of mortgage history can apply, provided they can supply evidence of payment.
Norton reduced interest rates across its Optimal Plans, with rates now starting from 9.95%.
David Binney (pictured), 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.”
