Norton Broker Services is now offering a new exclusive unsecured loan product that 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.
The firm, which is part of Norton Finance Group, says the 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 although self-employed borrowers are allowed
- Minimum £250 income surplus after monthly expenditure
- Fixed Fee conveyancing package will be included
“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’,” said Stephen Lawrence, group national sales manager for Norton Finance Group.
“The typical homeowner who will be attracted to this type of facility will be a client who needs to move because of their job or 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.”
