NHL’s new product allows loans up to £350,000 at 85% loan to value (LTV).
The lender also increased the maximum loan sizes available at 85% LTV on its Optimal 1 and Optimal 2 HLTV products to £250,000 and £200,000 respectively.
The new Premium Plan allows borrowers to have had one status 1 missed payment in the past 12 months on credit cards, loans or hire purchase agreements, provided there are no outstanding arrears. The same criteria apply to mail order accounts, utility bills and communications services.
Applicants must have a minimum income of £30,000 from all sources, with benefit income accepted as long as it makes up less than half of total income.
The range is designed to support a broader group of borrowers, including those who may have experienced minor credit issues in the past year or more significant credit problems over 12 months ago.
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Loan amounts range from £3,000 to £350,000 across the product range. Borrowers can choose from two-, three- and five-year fixed rates on both first and second charge mortgages, with terms of up to 30 years available.
David Binney (pictured), head of sales at Norton Home Loans, said: “Introducing our new Premium Plan range is a direct result of feedback from brokers who asked us to provide options for borrowers wanting to lend more at higher amounts and at higher LTVs.
“Combined with our flexible criteria, increasing loan sizes and LTVs across our first charge range, it means we can now provide brokers and their borrowers with more solutions than ever before.”
