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.
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.
Norton Finance secured loans at a glance
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.
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 or 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?
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.
Frequently asked questions
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