Norton Finance is an independently owned finance broker. It is not a direct lender and does not loan you money itself but, rather like a comparison site, Norton can set customers up with the right loan by scouring hundreds of lenders for you. The company will also handle the whole application process.
Types of loans offered by Norton Finance
Norton Finance offers secured loans and remortgages of £3,000 to £100,000 spread over one to 25 years. The company checks more than 600 financial products - including those offered by major banks and building societies - to find the right fit for a customer. They only offer fixed loans, however, and the loan is secured against the value of your home. This means that your home could be at risk if you do not keep up with repayments. Loans can be used for home improvements, holidays, debt consolidation or other worthwhile causes but you will need to tell Norton Finance what you plan to use the loan for. A broker fee is added to your loan amount. Repayments can be made early but customers should be aware that some of the lenders the company uses may charge an early repayment fee.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Who is eligible for a Norton Finance secured loan and how do you apply?
Since your home is used to secure the loan, you must be a homeowner living in the UK and aged over 18. Customers who are self-employed, have CCJs, a poor credit history or are retired can still apply to see if they could be accepted for a loan. Norton Finance works with some lenders that specialise in loans for those with bad credit or CCJs. Searching for a loan with Norton Finance uses a soft search so it will not affect your existing credit score. If you are offered a loan through the company, your fixed interest rate will depend on factors such as the term of the loan, the loan amount and your credit history.
To apply for a Norton Finance loan, you can complete an online form with details including your name and address, your income and employment which you can access directly from the Free Price Compare site. You can also call the company directly to apply by phone. A trained worker will contact you to discuss the application in more detail. You will need to give details of how you plan to use the loan and, if it is for debt consolidation, details of your existing loans and debts.
Anyone who is self-employed will need to provide extra information including an accountant's certificate.
Once accepted for a loan, customers are assigned a customer manager to help them decide on the best option for them and to assist in completing the application. Norton Finance pledges that once a customer has signed up for a loan, its relationship service will continue to offer guidance and support throughout the loan agreement period.
How long does it take to get a loan through Norton Finance?
Norton Finance promises to give you an 'in principle' loan decision within 24 hours. It is estimated that it takes between one and two weeks for applications to be processed.
What are the advantages and disadvantages of a loan with Norton Finance?
By using Norton Finance, you will get access to a wide range of loan options and lenders which means you could secure a better deal. They will also be on hand to help you with the application process. As the company offers secured loans, you may be able to borrow higher amounts as your home may make you more reliable in the eyes of a lender. The company does not immediately rule out customers with bad credit or CCJs as when a loan is secured against property, credit score is not the only factor taken into account.
However, a secured loan does put your home at risk and it could ultimately be repossessed if you cannot make the payments. Norton Finance only offers fixed rate loans, which means an interest rate that does not change over time. Also, the duration of the loan may vary, depending upon which lender you choose.
More about Norton Finance
Based in Yorkshire, the company has been operating for more than 40 years. It began as a family-run business in Rotherham, South Yorkshire, but has grown to employ more than 150 staff today. Founded in 1974, it is part of credit broker Norton Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. It is also a member of the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB).
How do customers rate Norton Finance?
The company currently has an average score of 3.5/5 on TrustPilot and 4.8/5 on Feefo.