Here is the latest release from Norton Home Loans. For their product details click here.
We’re changing our rates
Following the recent Bank of England Base Rate changes Norton Home Loans have undertaken a review of our Lending Rates and with effect from Tuesday 9th August 2022 there will be an increase on all our Mortgage and Secured Loan Lending Plans.
What do I need to do?
1. If you have produced a Mortgage Offer then you do not need to do anything further. We will notify any customers who are affected by the variable rate change. Any fixed rates will remain the same until the offer expires, after which the deal will need to be resold on the new products.
2. If you have produced a Mortgage Illustration (ESIS) before 9th August 2022 but have not yet received an offer we will honour the rate on the ESIS, providing a Binding Offer is issued by close of business Friday 2nd September 2022.
3. If an offer has not been issued before 2nd September 2022 then the case will need to be regenerated to reflect the increase in interest rate. Please ensure your customer is aware of this and receives a copy of the revised Illustration ASAP.
We have also increased the minimum income from £15,000 to £20,000 on all plans.
All pipeline business will need to be offered by COB 02.09.22