Norton Broker Services has announced numerous changes to its in-house lender, Norton Financial Services, including a maximum loan increase to £30,000.

The maximum LTV offered has also increased to 75 per cent and there is a new charge rate – from 10.90 per cent annual rate.  

Other changes include 100 per cent pension and benefit income clients accepted, the lender fee reduced to 2.50 per cent (minimum fee £295) and no minimum income required for eligibility (except Gold Plan which requires £25,000 + income). 

To keep it simple Norton Financial Services will offer five plans, with loans from £3,000 to £30,000. 

Loyalty points can also be earned on completions over £10,000 if processed via Norton Broker Services: http://www.barcadiamedia.co.uk/myi/norton/sept11/eshot.html

Scott Thorpe, Broker Liaison Officer from Norton Broker Services, commented: “I am delighted with the changes made by our own lending company and in particular the new rate of 10.90 per cent which is great news. I believe this once again reflects our common sense approach to lending.” 

Group National Sales Manager of Norton Finance UK Ltd, Stephen Lawrence, said, “The lending criteria changes plus our award winning processing service that delivers a high proportion of DAY ONE payouts will attract more business from the Intermediary Market Place”.  

“The introduction of only five secured loan plans, that offer loans from £3,000 up to £30,000, will streamline the process and make it very much simpler for the broker to complete a loan application with Norton Broker Services. 

“As long as the LTV is not breached, unlike many other secured lenders, there is no need to re-issue a new loan agreement on a different often more expensive plan if there are changes to the valuation or mortgage amount borrowed.”