Specialist lender Norton Home Loans has launched a second charge mortgage product with a maximum LTV of 80%.

The product is available to customers on a 3 or 5 year fixed rate, with a maximum loan value of £100,000.

According to the lender, the new product will have a “flexible” criteria. It is the latest addition to the lender’s range of first and second charge mortgages on offer to customers who do not “tick all the boxes with high street lenders.”

Norton Home Loans commercial manager David Binney, said: “A growing number of customers and brokers are realising that second charge mortgages can prove a cost-effective way of raising finance for a range of purposes, from debt consolidation to home improvements.”

“However, it can often be the case that second charge mortgage customers don’t have enough available equity in their property to make use of the product, so we are really excited to be launching this 80% LTV second charge mortgage into the market.”

“We believe it will open up more opportunities for advisers to have conversations with their clients about this easy and flexible way to meet their capital raising requirements.”

Last year, business owners increasingly looked to second charge mortgages to raise capital as uncertainty surrounding Omicron spread across UK industry.