According to Norton, the product is available for a maximum loan size of £100,000 and for a range of repayment periods, with options available for variable rates, 3-year fixed rates and 5-year fixed rates.
The new product's criteria is in line with the rest of its second charge range.
Norton Home Loans is a specialist lender offering first and second charge mortgages to customers who don't tick all the boxes with high street lenders.
David Binney, Commercial Manager at Norton Home Loans, said: “A growing number of customers and brokers are realising that second charge mortgages can prove a cost-effective way of raising finance for a range of purposes, from debt consolidation to home improvements.
However, it can often be the case that second charge mortgage customers don’t have enough available equity in their property to make use of the product, so we are really excited to be launching this 80% LTV second charge mortgage into the market. We believe it will open up more opportunities for advisers to have conversations with their clients about this easy and flexible way to meet their capital raising requirements.”
