If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.
What's in this review?
- Who is Norton Finance?
- Is Norton Finance safe?
- What types of loans does Norton Finance offer?
- What are the key features of Norton Finance secured loans?
- What are the pros and cons of Norton Finance loans?
- What can I use a Norton Finance secured loan for?
- Norton Finance customer reviews
- Am I eligible for a Norton Finance secured loan?
- How can I apply for a Norton Finance homeowner loan?
- Our verdict
- Frequently asked questions
Who is Norton Finance?
Yorkshire-based Norton Finance is an independently owned finance broker, not a direct lender. This means it will search a range of lenders to find you an appropriate deal and won’t actually provide the funds itself.
Norton Finance helps homeowners to use the equity in their property as security for loans. By offering security, borrowers can access larger sums, lower rates or simply stand a better chance of getting their application across the line. The purpose of the loan could be anything from home improvements to debt consolidation.
The obvious downside of secured loans (also known as “second-charge mortgages”) is that they put your home on the line, so you should think carefully before proceeding.
Is Norton Finance safe?
Norton Finance is part of Norton Financial Services Limited, which is a credit broker that is authorised and regulated by the Financial Conduct Authority (FCA). It is also regulated under GDPR laws and the Data Protection Act and Data Protection Bill in the UK.
What types of loans does Norton Finance offer?
Norton Finance offers both secured homeowner loans and remortgages from a wide range of lenders, including major banks, building societies and other financial institutions. As a broker, Norton Finance will try to find the secured loan that best fits your personal circumstances.
What are the key features of Norton Finance secured loans?
The interest rate you are offered will depend on factors such as how much you apply for, the term of the loan, the equity in your home and your credit history.
What are the pros and cons of Norton Finance loans?
- Flexible loan amounts
- Offers access to a wide range of lenders
- Quick approval
- Available to those with bad credit
- No hidden fees
- You’ll need to use your home as security against your loan
- Funding time will vary by lender
- Fixed rate loans only
What can I use a Norton Finance secured loan for?
You can use a Norton Finance loan for any worthwhile purpose, such as debt consolidation, home improvements, a holiday, a car or other expense. When you apply for a loan, you’ll be asked what you plan on using the loan for from a list of options.
Norton Finance customer reviews
Norton Finance has received mixed reviews from customers, according to review platforms like TrustPilot and Feefo. It currently has an “average” rating of 3.5 out of 5 on TrustPilot, based on around 10 reviews, and a rating of 4.8 out of 5 on Feefo, based on more than 80 reviews (updated 10 February 2021).
Many customers praised Norton’s customer service and quick application process, while others cited communication delays.
Am I eligible for a Norton Finance secured loan?
You should only apply for a Norton Finance homeowner loan if you’re certain you can meet the repayment terms. You must also be a UK resident aged 18 or over. Naturally, you’ll need to own a home to secure the loan against.
Being retired or self-employed, having bad credit or CCJs doesn’t necessarily rule you out – Norton Finance will still aim to find you a suitable loan product.
How can I apply for a Norton Finance homeowner loan?
You can call Norton Finance or complete its online form to request a quote. You’ll need to give a few simple details including:
Norton Finance will then discuss your requirements with you in more detail. You should have information to hand regarding what you need the loan for and, if you are taking out a loan to consolidate debts, details of the other loans too. Self-employed loan applicants may also be asked at this point to provide additional documentation, such as an Accounts Certificate and SA302s.
Norton Finance is one of the UK’s leading secured loan brokers, which means it could be a good option for borrowers looking to get access to a range of secured loans and lenders, especially those with bad credit. While you may find you can get a loan quicker by going directly through a specific lender, using a broker like Norton Finance can potentially help you find a better deal.
Frequently asked questions
More guides on Finder
Sole trader loans
Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.
Chain break finance
Everything you need to know about chain break finance – a type of bridging loan that stops you losing your dream home if the sale of your existing one falls through.
Fix and flip
In-depth guide to fix and flip and how this type of property investment works, including the factors you need to consider, the risks to be aware of and how to finance it.
Commercial bridging loan
Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.
Hard money loans: Short-term finance in the UK
Everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.
100% bridging loans: How to get one
In-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.
Compare bridging loan rates for property development
Everything you need to know about the benefits of using a bridging loan to fund a property development project if you don’t have the cash already available.
Compare bridging loans to buy land
Find out if a bridging loan could be a good option versus other types of finance if you’re buying land. We explain the pros and cons and how to get the best deal.
Probate loans can be a valuable tool for dealing with the financial issues that can come up when you’re dealing with someone’s estate. We explain what you need to know.