Norton adds 80 per cent LTV second charge product

The specialist lender said it was available for up to £100,000 and included options for variable rates, three-year fixed rates and five-year fixed rates.

It added that it has flexible criteria around adverse credit, income and property type, and there was a range of repayment options.

David Binney, Norton’s commercial manager, 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 per cent  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.”

Norton, which is based in South Yorkshire, said it offered first and second charge mortgages to customers who might not fit the usual high street requirements and deals with applicants in England, Scotland or Wales.