Frequently Asked Questions
Find out more about borrowing with Norton Finance.
How do I apply?
If you’re happy with one of the breakdown of one of the loan products above and want to know more, click the Apply button to the right for more information and to fill in a few quick details about yourself. Or call 0808 231 5994 any time, for quick phone service.
How much should I borrow?
To keep the cost of borrowing down, we suggest borrowing just the minimum you require over the shortest term possible. Our calculator will show you the most up to date terms that lenders are currently offering. However, the rates available to you may differ depending on your own personal circumstances and the amount you wish to borrow. If you’d like to talk through your options, get in touch and we’ll assess your situation to help find the best loan for you.
What can I borrow for a mortgage?
On average lenders will provide a mortgage based on 4 to 5 times your salary (or combined salary if making a joint application). In some circumstances, lenders will lend up to 6 times your salary subject to other qualifying criteria. It is important that your mortgage is affordable now and in the future.
How long should I borrow for?
You should always aim to pay off your loan as quickly as you can afford based on the monthly repayments, as interest charges can potentially make a loan more unaffordable over time.
For example, if you borrowed £10,000 over three years at 10% interest it would cost you £322 a month or £1,600 in interest charges over that period. Borrowing the same amount over 10 years would only cost you £132 a month, but the total interest charged would increase to a whopping £5,850 – that’s £4,250 extra for spreading the cost.
How long does it take to get a secured loan / mortgage?
We know that it’s important to stay on top of your finances and make sure your plans aren’t tied up in red tape. That’s why we can give you an ‘in principle’ decision on your loan application within 24 hours.
We’ll also keep you in touch with an experienced customer manager, who can help guide you through the application to ensure your money arrives as quickly as possible. They’ll keep you updated on your loan application – just pick up the phone.
Will there be any early repayment charges?
If you want to consolidate a loan taken out after 1st February 2011, you can make partial overpayments of up to £8,000 per year, free of charge. Go over this amount and your lender can charge you for overpaying, provided they have incurred a cost themselves. If you repay a loan in full you could be charged an early repayment penalty of between one to two months’ interest. You should be able to find the amount on your loan agreement.
