Here is the latest release from Norton Home Loans. For their product details click here.
We’re changing our Broker Fees and Early Repayment Charges (ERC’s)
On 1st July 2024 we will be making some changes to our: Broker Fees and Early Repayment Charges (ERC’s)
Broker Fees
With effect from 1st July 2024 we are increasing the maximum broker fee allowed and introducing a new 2 tier fee option as detailed below:
Loan amount Min £3,000 Max £20,000
Max broker fee 15%
Loan amount Min £20,000.01 Max £250,000
Max broker fee 12.5%
Max overall for broker fee is £4,950
Early Repayment Charges (ERC’s)
Please see the Mortgage Lending & Secured Loan Lending July 2024 Matrices and Criteria below for further details:
Mortgage Loan Lending July 2024
Secured Loan Lending July 2024
Secured Loan Criteria July 2024
What do I need to do?
Pre-submission – providing the Illustration has not been regenerated, then it will follow the current 30-day guidelines.
Submitted AFTER 1st July – any ESIS currently in date would be honoured until the date of expiry up to a maximum of 30 days up once submitted providing there is no regenerate.
If the case is regenerated – this will not be honoured and will go onto a new plan. You will receive a Warning Message this regenerate will change your illustration and if you continue, you will need to advise your customer of the new Early Repayment Charges for the new plan.
If you want to remain on the original plan please contact us to see if this is available.
Thank you for your continued support. If you have any questions, please don’t hesitate to contact us on 01709 441926