Norton Home Loans has updated its lending criteria, including an increased maximum loan-to-value (LTV) ratio and a higher maximum loan size.
The changes mean borrowers will have access to a maximum LTV of 85% across the lender’s Optimal range.
In addition, the maximum loan size has been increased to £350,000.
The lender has also made changes for borrowers with temporary residency status who are eligible, provided they meet the minimum credit score of 300 and can demonstrate progress towards becoming a permanent resident or the withdrawal of their visa/temporary rights to reside.
Under the updated Right to Buy scheme, lending can now exceed the purchase price by up to £10,000, subject to a maximum 60% LTV.
Norton Home Loans has also made changes to the required minimum mortgage history for borrowers.
The previous requirement for a minimum of six months of mortgage history has been removed.
Borrowers with any length of mortgage history can apply, provided they can supply evidence of payment.
Norton has reduced interest rates across its Optimal Plans, with rates now starting from as low as 9.95%.
Norton Home Loans head of sales David Binney says: “The specialist mortgage market has seen increased competitiveness during 2024. These changes will help make us a more viable option for many borrowers seeking solutions to greater complexity and strengthen our position as a lender of financial inclusion moving forward.”
