Norton release exclusive unsecured loan

The product can be used to pay the deposit, lender fees, stamp duty and legal costs that arise when purchasing a new residential property for owner occupation. This new loan facility will help many existing homeowners with negative or limited equity obtain a new high street mortgage and move to a new property.   

The product features are:

- Maximum loan £100,000

- Minimum loan £5,000

- Fixed interest rate of 14.90%APR

- Fixed repayment terms up to 15 years

- No early repayment charges

- No penalty for overpayments

- Prime homeowners only with no credit problems

- Employed or self employed borrowers allowed

- Minimum £250 income surplus after monthly expenditure

- Purpose: house purchase

- Fixed fee conveyancing package will be included

Stephen Lawrence Group National Sales Manager for Norton Finance Group Ltd commented:

"This new unsecured loan product will provide intermediaries with a new loan option for those prime homeowner clients who have provable income but little or no equity in their property and as a result they have been a “mortgage prisoner”. The typical homeowner who will be attracted to this type of facility will be a client who:

- Needs to move because of their job

- Has a growing family and needs extra accommodation

"A major feature of this new loan product is irrespective of the loan size the fixed interest rate is 14.90% unlike many other prime unsecured lenders in the market who offer very cheap rates but deliver rates well in excess of their advertised rates. Further information on this exciting new product can be obtained by emailing introducer@nortonbrokerservices.co.uk."