Good news for borrowers who have had a few financial hiccups in the past! Norton Home Loans has just launched two new mortgage plans specifically designed for those with less-than-perfect credit histories.
These new “Optimal” plans are available on both first and second charge mortgages and are open to those who may have had trouble securing a loan elsewhere. You could still qualify even if you have a history of adverse credit or payday lending, as long as it’s over 12 months old.
Here’s what you need to know about the Optimal plans:
- Competitive Rates: Rates on the Optimal 1 plans start at a very reasonable 10.58% for both five-year fixed rate first and second charge products.
- Flexible Loan Amounts: You can borrow between £3,000 and £250,000, giving you plenty of options to suit your needs.
- Choice of Terms: Choose from a two-year or five-year fixed rate on both first and second charge mortgages, giving you the security of knowing your repayments won’t change for a set period.
- Maximum 75% LTV: You can borrow up to 75% of the value of your property with the Optimal range.
- Terms up to 30 years: Spread your repayments over a longer term to make your monthly payments more manageable.
Even better, Norton Home Loans has also reduced rates on its standard first and second charge mortgage plans!
This means even more competitive rates for borrowers. Some products have seen a drop of over 2%, making them an even more attractive option. For instance, rates on their second charge A Plan now start from a low 11.98%.
David Binney, Head of Sales at Norton Home Loans, commented: “With inflation reaching the Government’s target, a potential base rate reduction on the horizon, and swaps stabilising, it’s the right time to start reducing rates. This makes us a more viable option for brokers and their clients looking for an affordable solution when other lenders can’t help.”
This is great news for borrowers as it means more choice and better deals! So, if you’ve been put off applying for a mortgage because of a few blips on your credit history, now could be the perfect time to reconsider.