Norton Home Loans has introduced a series of criteria enhancements and rate reductions across its first and second charge mortgage ranges, aimed at improving access for customers with complex financial circumstances, limited deposits or non-standard income.
As part of the update, automated valuation models (AVMs) will now be accepted on Right to Buy and purchase applications up to 80% loan-to-value (LTV), subject to confidence levels.
Applications above this threshold, or where confidence is insufficient, will continue to require a full physical valuation.
The required conduct period for Debt Management Plans (DMPs) has also been reduced from 12 months to six, with satisfactory performance now accepted after half a year.
For first-time buyers, Norton will now apply a minimum credit score of 300 and require a £300 case surplus, removing the need for day-one referrals unless those criteria are not met.
The enhancements are designed to support brokers working with clients who fall outside mainstream criteria, such as those with minor credit issues, variable income or existing financial arrangements.
Rates have been reduced by up to 1.4% across all lending plans following the recent Bank of England Base Rate change, providing brokers with more competitive options when structuring bespoke client solutions.
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.”
