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Published 03 July 2024
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Norton Home Loans Secured Loan Review: Pros, Cons & Features

If you’re looking for a secured loan, Norton Home Loans may be an option if you want to borrow a smaller amount over a shorter term. You could borrow as little as £3,000 and pay it back within a year, which is more flexible than other lenders we’ve reviewed.

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Norton Home Loans secured loans: At a glance

Norton Home Loans offers secured loans of between £3,000 and £250,000, which can be paid back over a period as short as one year.  However, you can’t apply for a secured loan with Norton Home Loans directly. Instead, you will need to go through a broker or mortgage professional.

Homeowners loans are a type of secured loan. With these loans, borrowers use their home as security for the loan they want to take out. This type of loan is also known as a second charge mortgage. Using your home as security means it could be repossessed by the lender if you fail to make loan repayments when you should.  

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

Information for tenants

You must be a homeowner to apply for a Secured Loan via Norton

If you’re not a homeowner and would still like to search for a personal loan, then you can try searching for an unsecured loan via our loans eligibility service with Monevo.

Norton Home Loans Secured Loan

4.5 NerdWallet's ratings

1 to 25 years

£3,000 to £250,000

80%

Fixed and Variable

  • Must be at least 21 years old to apply
  • Term not to extend past 85th birthday of customer
  • Must not have been bankrupt or subject to a Debt Relief Order within the last 3 years

This provider is available via our partner, Norton Finance.

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. 

Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.

Norton Home Loans secured loans pros & cons

Pros

  • Norton Home Loans offers smaller secured loan amounts from £3,000.
  • It offers a shorter minimum loan term of one year.
  • There is no minimum property value.
  • Both variable and fixed-rate loans are available.

Cons

  • Norton Home Loans has lower LTV limits compared to some lenders.
  • You can only apply through a broker or mortgage professional.
  • The maximum loan amount is smaller than some other lenders.

Norton Home Loans overview

Norton Home Loans is part of Norton Financial Services Limited, which also offers a brokerage service that matches customers to various loan products. It has been operating for over 40 years and provides standard first charge mortgages as well as secured loans (sometimes called second charge mortgages).

Loan amounts£3,000 to £250,000 
Term lengthOne to 25 years
Maximum loan-to-value (LTV)80% LTV on loans up to £100,000, 75% LTV thereafter
Customer supportPhone, email
Trustpilot rating*4.5 stars (3 July 2024)*

* Rating is based on fewer than 70 reviews and relates to Norton Finance, which is part of the same group as Norton Home Loans, and its whole product range rather than just its home loan.

Where Norton Home Loans stands out

Low minimum loan size

The minimum amount you could borrow from Norton Home Loans is £3,000, which is low when compared with other lenders. Some secured lenders we’ve reviewed will not lend less than £5,000, while for others it’s as much as £20,000. So, if you want to borrow a smaller amount, Norton Home Loans may appeal.

Short minimum loan term

You could choose to pay your loan off quickly with Norton Home Loans, because it offers a minimum loan term of one year. Other lenders we’ve reviewed can ask for a minimum of three or five years.

There is no minimum property value

Norton Home Loans doesn’t ask for a minimum property value. However, the value of your property influences the maximum LTV at which Norton will lend you money secured against your home. For example, if your property is worth less than £60,000, the maximum LTV is reduced by 25%. And for properties valued at less than £80,000, the maximum LTV is reduced by 15%.

Where Norton Home Loans secured loans fall short

You can only apply through a broker or mortgage professional

It’s not possible to apply for a secured loan with Norton Home Loans directly – you need to apply through a broker or mortgage professional. The benefit of using a broker is that they can match you to products that are suited to your circumstances. Norton Home Loans says that you can call them for more information if you don’t currently have access to a broker.

Low maximum LTV

With Norton Home Loans, the maximum LTV is 80% if the most you want to borrow is £100,000, and 75% on loans of up to £250,000. Other lenders we’ve reviewed offer secured loans at up to 95% LTV (but be aware that higher LTVs are riskier, for example if your property value drops it could leave you in negative equity). 

» MORE: Compare best secured loans

What type of loans does Norton Home Loans offer?

Secured loans

Norton Home Loans offers second charge mortgages, also known as secured loans or homeowner loans. When you borrow money through a homeowner loan, you use the equity in your home as security for the loan.  

Because you’re using your home as security, it may be possible to borrow larger amounts, at potentially lower rates, than what you could get through an unsecured personal loan

But it’s important to consider the risk involved in getting a secured loan. If you don’t make your loan repayments on time, the lender could repossess your home. 

How much you’re allowed to borrow will depend on the amount of equity you have in your home, your personal circumstances and the results of credit checks Norton Home Loans will carry out on you. 

» MORE: Secured loans for bad credit

What can I use a Norton Home Loans secured loan for?

You could use a secured loan from Norton Home Loans for a number of reasons, including to:

  • consolidate debt
  • cover the cost of home improvements
  • cover the cost of making improvements to a rental property
  • pay for school fees
  • pay for a holiday or wedding 
  • buy a car

» MORE: Secured vs unsecured debt consolidation

Why do people take out secured loans?

People may consider a secured loan if they’re finding it difficult to get an unsecured loan, perhaps because they have a bad credit score or are self-employed. It could also help to fund larger purchases, because the amount available through an unsecured personal loan is often smaller than what you might get through a secured loan.

» MORE: What are the differences between secured and unsecured loans?

Norton Home Loans secured loan eligibility criteria

To apply for a secured loan with Norton Home Loans, you need to own a residential property in England, Scotland or Wales and be 21 or over. The loan term can’t go beyond your 85th birthday. It doesn’t lend on certain properties, including shared ownership and tenanted properties, and a minimum income may apply.

» MORE: Should you take out a loan against your house? 

Norton Home Loans secured loan features

Rates

Norton Home Loans offers both fixed and variable rates. You could fix your rate over one, three and five years. Norton Home Loans says that because its products are designed to help people who can’t easily access credit with other lenders, its interest rates are higher than those you might see elsewhere.

A fixed-rate loan is where you pay the same interest rate over the length of time that you fix. On the other hand, a variable rate means that the interest rate on your loan can rise or fall.

If you’re opting for a variable rate, it’s important to check whether you could still afford your monthly repayments if they were to rise. 

A number of factors influence the actual rate of interest that you’re charged, including the loan amount, the length of the repayment term, your personal circumstances and your credit history.

» MORE: How are fixed and variable mortgages different? 

Loan-to-value ratios

The maximum LTV on the majority of the plans available with Norton Home Loans is 75%, potentially allowing you to borrow up to £250,000.

There is a plan that offers 80% LTV, however the maximum loan size is £100,000.

Paying off a loan early

Depending on your plan, a fee may be payable to Norton Home Loans if you want to pay off your loan early. Early repayment charges are usually a percentage of the outstanding balance, based on how long is left of the fixed-rate period.

Norton Home Loans will also charge administration and security release fees.

It’s best to check the details of your agreement for more information on fees before making overpayments or paying off your loan early.

Customer support

You can contact Norton Home Loans by phone and email. There is a phone number for customers at the top of its website, as well as a web page that has useful information for existing customers.

Customer ratings

Norton Home Loans is owned by Norton Finance, a broker that matches people to relevant loan products based on their circumstances.

Because Norton Home Loans is part of this larger group, its Trustpilot page relates to Norton Finance and so its Trustpilot score reflects all the products and services offered by the group.

Norton Finance has an average rating of 4.5 stars based on more than 60 reviews. 

This information was correct as of 3 July 2024.

How can I apply to Norton Home Loans?

You can only apply to Norton Home Loans through a broker or mortgage professional, but the company says that you can call for more information if you don’t have access to one.

What information do I need?

When applying for a homeowner loan you should usually be prepared to share:  

  • proof of your address and identity (a utility bill or bank statement and/or your driving licence or passport will usually suffice) 
  • recent payslips or a P60 if you’re employed
  • self-assessment forms or SA302s if you’re self-employed
  • proof of any other income you receive from pensions or benefits
  • your latest annual mortgage statement
  • information relating to any outstanding debts
  • recent bank statements showing your income and expenditure

How long does it take to apply?

Norton doesn’t publish information about how long it takes to apply available on its website, but keep in mind that you can only apply through a mortgage broker. It’s best to discuss how long an application could take with them.

Norton Home Loans FAQs

Who is Norton Home Loans owned by?

Norton Home Loans is owned by Norton Financial Services Limited.

How safe is Norton Home Loans?

Norton Home Loans is regulated and authorised by the Financial Conduct Authority, the financial services regulator in the UK.

Help if you’re struggling with debt

Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing 

If you are struggling with debt, you can seek advice from a debt advice service, such as:

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Late repayments can cause you serious money problems.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.

You can view our full review methodology here.

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