It also reduces rates across its standard first and second charge plans
Specialist lender Norton Home Loans has introduced two new Optimal plans for its first and second charge mortgages.
The plans target borrowers with minor or temporary credit record issues, including those with a history of adverse credit or payday lending older than 12 months.
Rates for the new Optimal 1 plans start at 10.58% for both five-year fixed rate first and second charge products.
Loan amounts range from £3,000 to £250,000 for both product types, with options for a two-year fix and a five-year fix on both first charge and second charge mortgage products. The maximum loan-to-value (LTV) ratio is 75% across the Optimal range, with terms available up to 30 years.
Norton Home Loans has also reduced most rates across its standard first and second charge mortgage plans to improve broker conversion rates. Some products in the first and second charge product range have seen rate reductions of more than 2%, with rates on Norton’s second charge A Plan now starting at 11.98%.
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“With inflation reaching the government’s target, a base rate reduction on the horizon and swaps stabilising since the beginning of the year, this is the right time for us to start reducing rates, making us more viable to our broker partners and their clients looking for an affordable solution where the rest of the market cannot assist,” said David Binney (pictured), head of sales at Norton Home Loans.
“These rate reductions and plan enhancements are the start of several other exciting improvements planned for our product, criteria and process.”
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