Norton Home Loans has completed a £39,000 mortgage for a self-employed chef purchasing their ex-council flat for £100,000 through Right to Buy.
The case involved both satisfied and unsatisfied county court judgments and defaults dating back to 2020 and 2021. The applicant’s income was evidenced using an SA302, reflecting their self-employed status.
The loan was agreed at 39% loan-to-value on a 25-year term. Notably, the requested term would take the borrower beyond standard retirement age. While Norton Home Loans’ maximum age at the end of term is 75, the lender agreed to extend this to 79 after assessing the applicant’s occupation and affordability.
The deal underlines continued demand for specialist underwriting in cases where historic adverse credit and non-standard income would typically restrict access to high street lending.
With more than 50 years of experience in specialist lending, Norton Home Loans works with brokers on cases involving complex credit profiles, affordability constraints and non-standard property or income types.
The lender said its approach centres on individual case assessment and direct access to underwriters.
David Binney, head of sales at Norton Home Loans, said: “This case perfectly demonstrates how Norton Home Loans can help borrowers who, for whatever reason, are unable to obtain a mortgage via either the high street or traditional specialist lenders.
“Although this case presented certain challenges, it was clear to us at the outset that this was a good borrower with affordability and an occupation that gave us added confidence to lend beyond our usual maximum age at the end of term.”
