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.

A quick guide from Norton Finance to taking out a personal loan

A personal loan, as the name suggests, can be used for any personal expenses, whether its home improvements, a new car, or a holiday. Here, Norton Finance explains what’s involved in taking out this type of loan.

For personal loans, you can typically apply for anything up to £15,000, although there are some lenders who may be willing to offer £25,000 as the maximum amount. The repayment period will vary from one lender to another, but can range from between six months to seven years. However, if you only need to borrow money for just six months, then Norton Loans recommends that you opt for an overdraft or a credit card instead, as personal loans can be more beneficial for those who wish to pay back the amount over the course of a year or more.

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Building societies, banks and loan companies can all provide personal loans, but will differ in terms of the interest rates they offer. Try not to be too tempted by a low interest rate – make sure to take other factors, such as early repayment charges and the length of the repayment period into account as well. Most personal loans come with a fixed, as opposed to a variable, rate of interest. This means that you will always know exactly how much you have to repay every month, and you don’t need to worry about your monthly payment rising unexpectedly at any point during the repayment period. According to Norton Finance, most lenders will require you to set up a direct debit for your payments.

Virtually every lender will carry out a credit check before deciding whether or not to offer you a loan; this will tell them how much of a risk you present, based on your past history of keeping up payments. Although Norton Loans say that a poor credit record does not automatically mean that you will be refused a personal loan, it may make it more difficult, and you may end up paying a higher rate of interest, than another person with a good credit record. Additionally, those who work on short term contracts, or who are self-employed might find it more of a challenge to get a loan.

Personal loans are rarely, if ever secured; this means that if you find that you are unable to repay the amount owed, the lender has no right to repossess your house. This is one of the reasons for the relatively high interest rate associated with personal loans – the lender is taking a bigger risk than they would if they offered a secured loan.

Norton Finance discusses the process of remortgaging

One of the best ways to cut down on costs is to remortgage; depending on how much you’re currently paying, you could save a few hundred pounds each month, as well as several thousand pounds on your mortgage overall. However, remortgaging can be complicated, and it’s a good idea to know what obstacles you might face along the way. Here, Norton Finance explains some of the things you need to know before you begin the process.

Like many things in life, remortgaging your home will most likely take longer than you expect it to. Because of this, it might not be the best option if you’re hoping to quickly cut down on your current expenses. As a general rule, it will take between one and two months, although the exact timescale will be dependent on the type of mortgage product you opt for, and whether or not you decide to change to another lender. There is also the possibility that your personal financial circumstances may result in complications with the application, which could delay the process even more. However, if you’re aiming for long term savings, Norton Finance believe that it’s a great option.

Norton Loans

If you decide to go ahead , it’s best to initially check what your existing lender is willing to offer; if they believe that they may lose your custom, they may consider providing you with a more competitive mortgage deal, and furthermore, the process is likely to move along a lot faster than if you switch to a new lender. Once you’ve spoken to your lender, you should then compare their offer with other lending institutions. This may be a little time consuming, but Norton Finance say that it’s important, as you may find a significantly cheaper deal if you shop around.

Another important factor to keep in mind, Norton Finance add, is that you will incur fees when your remortgage, and these need to be taken into account when you’re considering whether or not switching is worth it. These will be mentioned in the application, along with the rest of the terms and conditions; Norton Finance recommends that you go through this information carefully, so as to make sure that you know exactly what you will be committing to. Remortgaging is something you will most likely only do once, so it’s crucial that you take the time to understand what kind of agreement you are entering into.

Norton Loans guide to the pros and cons of secured and unsecured loans

If you have the option of choosing between unsecured and secured loans, it is important to weigh up the pros and cons of each before committing to one or the other. In this guide, Norton Loans discusses these two types of loans in more detail.

Secured loans require the borrower to put forward collateral, usually a house, before they borrow. This property then serves as a guarantee that the loan will be repaid, even if you do not have the cash to make your monthly repayments later down the line. With secured loans, Norton Finance says that lenders will usually be more generous in terms of the amount they are willing to borrow, as well the time period for repayments when they have this collateral. Loan providers offering secured lending will also tend to be more flexible in terms of who they lend to, because they have this guarantee of repayment. This means that even those with poor credit, defaults and CCJs may be offered a secured loan. Norton Finance

There are of course, disadvantages to this type of loan; firstly, Norton Loans points out, if you cannot make the repayments, then the lender has a legal right to take your home in lieu of this missing money. Secondly, overall, secured loans can tend to work out as more expensive than unsecured, due to the higher interest rates and longer repayment periods.

Unsecured loans do not require the borrower to use collateral; instead, the lender relies on the borrower making a legal promise to pay back the money. This means that it is highly unlikely that your property would be repossessed if you cannot make your repayments. Because these loans are not secured, the lender will normally offer the loan on risk based criteria, so that they can determine who they should lend to, as well as what interest rate they should offer. This means that those with poor credit histories are less likely to be approved for unsecured loans. However, for those who are approved, fixed interest rates are the norm for unsecured loans, which Norton Finance explains, makes budgeting for repayments much easier.