Norton Finance for Loans and Debt Consolidation | Norton Finance

With prices rising all the time it is difficult to manage a family’s monthly income effectively; there are many bills to pay, the mortgage to keep up and essentials to buy, and taking on debt is sometimes an easy move to make. If things get out of control what was a small, short term debt can become a bigger problem, and as things spiral into even deeper problems many people hide from the situation, leaving it to become unmanageable. This is when debt consolidation – a service offered by companies such as Norton Finance – may become a viable option.

Debt consolidation is a way of keeping the regular monthly repayments on collective debts as low as possible. All debts are collated together by a company such as Norton Finance and, by working out how much is owed and comparing it to the regular income of the customer and their essential outgoings, a figure is arrived at that is suitable for all. As the debts will then take longer to pay it is likely that the overall outlay will – in the long term – be greater, but the more manageable monthly sums make things easier for the individual to keep up the payments.

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With many years of expertise in the debt consolidation world Norton Loans is perfectly placed to offer a sensible solution. Norton Loans can cater for everyone, even those that have a poor credit history, for whom debt consolidation may be the best way forward. It is always best to leave such things to the experts, as they will be able to provide the help and advice you need. Simple online advice and free, no obligation quotes make the process simple, and with everything available at the touch of a button it has never been easier to arrange a debt consolidation plan.

Norton Finance can offer you everything from a simple loan to a remortgage, and have many years of experience in the field of consumer finance. The stresses and strains of a hard working life can take a toll on families and individuals alike, and where money is concerned it is all too easy to get in too deep, too quickly. With a sensible approach and the help of professional advisers finding the right debt consolidation solution could not be easier, and it can all be done from the comfort of your home.

Norton Finance / Number of UK Homeowners Set to Fall

 

A recent report in the Guardian newspaper claimed that the UK mortgage market is ‘hardwired’ to undermine the population as a nation of homeowners. Despite a short-term boost to the housing market, research shows that by the end of the current decade only a third of young people will own and reside in their own homes. The 25-34 age bracket are the demographic who traditionally would be saving up for a deposit on their first home, yet the unavailability of mortgages coupled with increased rates and an unstable housing market has led to more and more people opting out of home ownership. The study, performed by the Intermediary Mortgage Lenders Association, or IMLA, says that this would place figures at just over half what they were back in 1993.

New government initiatives are beginning to ease funding constraints, but the availability of low deposit mortgages continues to be a problem. Chancellor George Osborne is set to add a couple of ‘sweeteners’ to the housing market in the form of the Bank of England’s funding for lending programme and his own help to buy scheme, yet economic studies suggest that these will certainly not work over the long-term, and perhaps not have much effect in the short term either. The future of the UK housing market remains uncertain, with more and more young couples and families being quite simply priced out of the game.

Norton LoansOlder homeowners are also affected by the fluctuating economy, with many considering taking out a re-mortgage or secured loan to pay for home improvements or holidays or to consolidate debt finding it difficult to source competitive rates. Companies such as Norton Finance offer a service which includes comparing rates of hundreds of re-mortgages on behalf of the customer in order to ensure that each individual is able to take advantage of the reasonably priced deals available. By utilising the services of Norton Loans, UK homeowners are able to release some or all of the equity in their homes to fund whatever they require whilst remaining assured that they are not paying over the odds.

Loan Options | Norton Finance

If you are seeking a loan of any size, for any purpose, it is vital that you make a fully informed decision before you proceed. It can be a huge decision, and certainly not one to be taken lightly; so do your research first.

Is your credit history sufficient to qualify for an unsecured loan? If you’re a property owner, would it be sensible to apply for a secured loan? If not, other options include logbook loans which are secured against your car, or asset finance loans secured against valuable possessions such as jewellery. Or you could opt for a guarantor loan, whereby you have a joint applicant who shares liability with you. Before applying, be aware that many brokers charge a fee for arranging a loan, and it might be best to go direct to a finance company.

Fixed term loans consist of an agreement over a predetermined period of monthly repayments, which you negotiate in the context of what is realistic for you. Interest rates are generally lower, but longer repayment plans eventually amount to more total interest paid. Flexible loans are becoming more common, allowing you to pay back the money at your leisure but usually incurring a higher interest rate as a result. There is also short term loans, which are small loans with a high interest rate intended for quick repayment.

Be wary of possible pitfalls. Free gifts offered by some brokers can be tempting but don’t be distracted from the fine print. Loan insurance can be a good way to protect yourself in the event of unemployment or ill-health, but you must carefully check the conditions and insurance payments. Debt consolidation is a subject that lenders frequently bring up, but be wary of this as it essentially replaces your current debts with a new one, and can sometimes cause you to end up paying more in the long term.

Choose the loan that’s right for you after thoroughly studying all of the terms and conditions. Scrutinise costs and the details of all factors of the loan before committing. If you have any doubts about an option you are considering, consult an experienced impartial adviser to ensure you are informed.

Norton Loans

 

Norton Finance holds more than 35 years of experience offering loans and re-mortgages. They offer a flexible service which allows them to help customers in various situations. Norton Loans recently moved to new offices in Rotherham, with new computer systems that have dramatically speeded up the loan process.

Norton Loans | Is a joint loan right for you?

Many couples who are renting or buying a flat together decide to apply for a joint loan, to cover the cost of moving or decorating. Whilst this type of loan is offered by many lending institutions, including Norton Loans, and certainly has its advantages – (not only is it a great way to cover immediate expenses and share the financial responsibility, but it also tends to make couples eligible for lower interest rates and a larger loan amount) – it’s important that people considering taking out a joint loan are aware of the fact that both parties will be held equally liable, even if just one of them ends up defaulting.

Lending institutions like Norton Finance want to make sure that the people they loan money to will be able to pay it back – and the fact is that two people with regular incomes are far less likely to default that a single person, meaning that the risk to the lender will be lower, and they will therefore be more inclined to offer a good deal.

It’s important to note that lenders will take the nature of the relationship into account when two people apply for a joint loan. For example, there are some lenders who prefer to offer loans only to people who are blood relatives, or those who are married. However, different lenders have different criteria, so if you want to apply for a loan with someone, but are not married or related to them, you may still be able to find a lending institution willing to accept your application.

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You should carefully consider you and the other person’s financial circumstances, as well as how much you really need to borrow. If you one or both of you have a bad credit history, traditional loan providers may not be willing to lend you money, in which case you may need to use a lender that specialises in poor credit. In addition to this, sometimes, lenders such as Norton Loans may only allow a secured loan, if your income is not steady, or the loan amount is quite large.

Do your research before choosing your loan provider; compare loan features and examine interest rates that are being offered. Calculate how much you would have to repay in total, and make sure that you can comfortably afford the repayment amount that would be owed each month. Lastly, don’t forget to read the terms and conditions of the loan agreement you sign.