Norton Home Loans adds online DIP and ONS affordability to broker portal

Norton Home Loans has enhanced its broker portal with the introduction of an online decision-in-principle (DIP) and a new two-tier affordability assessment using Office for National Statistics (ONS) modelled expenditure.

With over 50 years of experience in specialist lending, Norton helps advisers place cases that don’t fit standard criteria, including those involving credit blips, affordability challenges, varied income types or non-standard properties. 

The new online DIP allows brokers to key cases more efficiently, with enhanced income input now requiring gross income only. Once submitted, the portal automatically identifies the best available lending plan for the customer, removing the need for brokers to manually assess product suitability at the outset.

Alongside this, Norton Home Loans has introduced a two-tier affordability model, designed to speed up decision-making whilst maintaining robust underwriting standards. The first stage assesses affordability using ONS modelled expenditure. Where a case passes this assessment, brokers are no longer required to provide a full month’s bank statement to evidence monthly expenditure.

In cases where modelled affordability is not sufficient, brokers will be asked to input actual expenditure figures. This will need to be supported by one month’s personal bank statement showing all income credits and monthly expenditure.

David Binney, head of sales at Norton Home Loans, said: “These enhancements to our portal give brokers added functionality and make it easier to submit business to Norton Home Loans. By simplifying income input and introducing a smarter affordability model, we’re able to provide quicker certainty for brokers and their clients, while still applying a thorough and common-sense approach to underwriting.

“Our focus is always on making the process as efficient and straightforward as possible for brokers, particularly when dealing with more complex cases. These latest updates are another step forward in supporting brokers to place business with confidence.”