Personal finance lending criteria.

For new enquiries, help with getting a Decision in Principle, or a query about My Broker Venue, call us on:

0161 933 7101

Email the broker relationship team: newbusinessteam@togethermoney.com

For submitted applications only, call us on:

0161 933 7042

For updates on a full application you’ve submitted to us please review case tracking on My Broker Venue.

To ensure we deliver the best service to you, we recognise the importance of a thorough and accurate underwriting process. To help with this and to get your case processed as quickly and smoothly as possible, it’s important we receive all relevant documents for the application. These will be referred to as ‘Minimum requirements’.

Once your application has been submitted:

If we haven’t received all the minimum requirements our Mortgage Administration Team will email you with details of any outstanding items. If you can come back to us as quickly as possible at this stage, as we won’t be able to underwrite the application until we receive the minimum requirements in full.

Please note: you need to make sure any submitted items will still be in date whilst you are obtaining any outstanding requirements

Please review the personalised submission requirements for the application by clicking on the “Submission Checklist” tile on the My Broker Venue case hub.

You will need to do this before it will let you submit the application to us. Make sure you enclose all of the required items when you upload the pack. You’ll have to mark each one as completed on the check list tile so it should help you get it right first time.

Please Note: each item will be checked for inclusion, validity, accuracy and to ensure it is in date. If the item fails these checks then it will count as an ‘outstanding item’.

The following is what we would consider to be an ideal pack. This is not an exhaustive list, and you should refer to the personalised submission checklist for each case on My Broker Venue

• Buildings insurance certificate for the security address (except for purchases where building insurance must be provided at exchange of contracts)
• Proof of name and address (if EID fails and the checklist requests it)
• Direct Debit Mandate
• Electronic Disbursement Authority signed by all applicant(s) (where applicable)
• Proof of Income
• Applicant declaration form; fully completed, signed and dated
• Credit search, electronic ID and voters roll check
• Valuation report/AVM
• Prior mortgage reference (if not available on credit search or is a flexible/open plan mortgage – Max liabilities / DOP may be required if applicable)
• Landlord Reference
• Consent in favour of Together Personal Finance Ltd from the first mortgage lender (if applicable)
• Signed affordability Assessment (where applicable)
• Redemption figures and statements for creditors (for unsecured debt if being re-paid)
• Lending into Retirement declaration (if applicable)
• Money Laundering Prevention Name & Signature Identification, where E-Id is not successful
• A mortgage Illustration (ESIS) must be produced before the application is submitted
• If leasehold – Confirmation Ground rent and Service charges (if applicable) are up to date
• Confirmation of arrears (if current arrears are identified)
• Copy of Land Registry Title
• Confirmation of name (if applicable)
• Secured redemption figure and undertakings required where they are being redeemed
• Current valid AST required if the property is rented
• Estate agent rental projection (if applicable)
• Estate agent authorisation form
• Interest-only bridge form (if applicable)
• Sales particulars if sale is exit route for regulated bridging

The below information is required if applicable to be captured within My broker venue:

• Interest only declaration
• Lending into retirement
• Interest only bridge

Cases may be reviewed by the Fraud Committee for the purpose of identifying potential fraud. This may include income and valuation fraud. Should, in our opinion, any case you present be deemed to be fraudulent the case will be rejected and action taken by the Fraud Committee, which could ultimately result in your Accreditation being revoked and a third party alert being raised against the customer.

We will consider applications that don’t meet our standard criteria. Our system will highlight these for referral and we will review these cases within 2 working days. If you would like to talk to us about an unusual case before using My Broker Venue, please call us on 0161 933 7101.

Together has implemented procedures to protect itself and others from financial crime.

It is a requirement that brokers and lenders verify identification for every customer. As part of that process we must take reasonable steps to establish that a customer is who he/she claims to be by obtaining sufficient evidence of identity.

Our system will perform Electronic Identification (EID) as part of the full application process. If the check fails, then we will request full KYC documentation from you, via the submission checklist. In cases where full KYC requirements are needed certified copies of documents will be acceptable from Accredited and FCA Authorised brokers. We will also accept documents certified by the applicant’s solicitor provided they are registered with the Law Society

Identification of the following nature is required if the application fails EID:

• Proof of Residency and Address
• Proof of Name

Acceptable forms of evidence to prove a customer’s Identity

Acceptable forms of proof of residency

It is essential that each customer is able to prove that he/she currently resides at their stated residential address.

Where the customer has not been physically present for identification purposes and/or it has not been possible to verify the customers identity via electronic means, identification and residency evidence must be copied and certified by an appropriately authorised person (see below). This certification must include:

• confirmation that the documents are true copies of the originals
• date of certification;
• the name of the person undertaking the certification and the firm they work for;
• the person undertaking the certification must be verifiable as a member of that firm;
• where a photograph is included and the person certifying the document has physically seen the customer and evidence, the words ‘true likeness of the applicant’ or similar must also be included on the certified copy, to confirm that the original photograph matched the presenter.

Customer Due Diligence documents can be certified by an individuals who work for the following type of entities:

Clearing fixed term unsecured credit/CCJs and Defaults

For any unsecured fixed term credit/default or CCJ items being repaid from the loan (e.g. unsecured loans, HP agreements), up to date redemption statements to repay these items must be provided. These will need to be obtained and submitted with the full case for underwriting.

We require Up to date, full statements for all credit that is being repaid, meaning front and back of statements which confirm bank details. Where full reference numbers are not shown on statements we need proof of the full reference number by appropriate means e.g. copy of the front of the card. All statements must be on company letter head.

We will make electronic payments directly to the creditors to repay these loans if the creditor provides their bank details with the redemption statement, this must be on company letterheaded paper.

We will make cheque(s) payable to the creditors when bank details are not provided, to enable the applicant to promptly forward to the creditors in order to redeem and close the Account(s).

Clearing loans secured against the applicant's home and clearing revolving credit e.g. credit cards

Redemption figure(s) must be provided for any secured loans that are being repaid, these must be addressed to Together or the broker. For revolving credit items such as credit cards, store cards and mail order the following option is available.

Option A:

• Provide a recent full statement for each item of revolving credit being repaid, including the creditor(s) relevant bank details on company letterheaded paper.
• Where full statements are provided we will pay the balance of your revolving credit direct to the creditor(s) by electronic payment

Please note that up to date figures will be confirmed in the Binding Offer document issued to the applicant(s). It will remain the applicants’ responsibility to meet any additional expenditure or liability that has been incurred but is not included in the figures stated in the Binding Offer.

For CBTL applications the balance for debt consolidation will be paid to directly the applicant.

Bankruptcy, IVA, Debt Management Plans / Debt Arrangement Schemes are not accepted. An applicant who is in Bankruptcy, IVA or Debt management or where it has not been discharged for 6 years are not permitted on mortgage applications, Where an applicant has been discharged for 2 or more years for a bankruptcy, IVA or debt management and the application is secured loan, they are be referral only.

For purchases, right-to-buy, shared ownership applications, applicants must have no declining unsecured credit in the last 6 months

For remortgages declining unsecured credit is accepted where a plausible explanation is obtained and there is a clear benefit, bank statements may be required.

For secured loans the unsecured payment profile of applicants will be taken into account. Please refer the case if the client’s unsecured credit profile is declining or if there have been issues with unsecured payments in the past few months. Plausible explanations will be required.

Demerit points are defined as arrears, a CCJ or a default. For CCJs and default definitions please see individual product cards. Any CCJs or defaults that require an underwriter approval will count as a demerit.

Secured arrears are equivalent of 1 full calendar month payment. Arrears demerit points are defined as the highest number of arrears in the last 12 months on all first and second charge mortgages for the applicant(s) and cannot be deducted from the redemption figure. Arrears to be cleared are as detailed from the mortgage lender at the time of completion. Satisfactory explanation required for all CCJs, Defaults, and arrears.

We do not accept regulated bridging applications where the applicant has any secured arrears.

When the security is a leasehold property we will require confirmation in writing from any freeholder that all ground rent and service charges are paid and up to date. Where there are arrears these will need to be cleared from the advance and we will need written authority from the applicant(s) that they understand and authorise them to be disbursed from the loan.

Any significant service or ground rent arrears may be considered when assessing the customer’s affordability of the new loan with us, and where there are concerns the loan may be rejected.

On right-to-buy applications we will also take into account any future costs or service charges that the applicant will be liable for within the affordability calculation.

Where an application is an automated pass, any leasehold or future leasehold costs (ground rent or service charge) must be indicated on my broker venue.

Applicants with more than one active payday loan will not be considered. The only exception to this that may be considered is where an applicant is a home mover and will be redeeming all credit from the sale proceeds of their existing property.

Applicants with existing payday loan and a declining credit profile will be considered by referral.

A plausible explanation is required from the applicant detailing why the payday loan(s) were required. Any applicants with home lender loans within the last 12 months may need to provide a written explanation and will be subject to underwriter approval.

Together will accept up to 3 settled payday loans in the last 12 months.

If the applicant has a mortgage we will require proof of the last 12 months payment history

For residential mortgage applications, if the applicant has been a private or public sector tenant then we will require proof from the landlord that the last 12 rent payments have been made.

An affordability assessment will be required for all residential mortgage, secured loan. An affordability assessment is not required for regulated bridging applications.

The affordability assessment required will differ depending on the mortgage’s regulation. It is important that the broker and the lender assess the applicant’s affordability thoroughly to ensure they can afford the loan both now and in the known future.

The key elements that need to be considered are:

• An applicant’s income, expenditure and credit payments
• If the income or expenditure stated is plausible
• If the loan payment is affordable now
• If the loan is sustainable for the period of the loan

We will assess all applications against our automated affordability model in the first instance. If the outcome of the assessment passes then no further information will be required. If the outcome fails then we will request that you provide customer stated expenditure.

Further information for packagers:
To assist you in making this assessment, applications will be assessed using an affordability assessment model which takes into account the applicant’s income, expenditure and credit payments.

The Affordability Assessment calculation can be completed on My Broker Venue and will provide a maximum affordable monthly repayment (MAMR) that Together will accept based on the information provided.

The affordability assessment calculator has been built to consider plausibility and sustainability when determining the MAMR, however there are some points that you will need to verify and challenge with the applicant.

Income, in UK currency only, must be appraised to ensure that it appears to be relevant to the occupation that has been stated by the applicant, particularly for self-employed applicants. Employment and accountant verification calls may be required and may be completed by the Underwriter.

For all personal mortgages, secured loan, and CBTL applications, proof of income is required for all applicants in all cases. In instances where the proof of income is the applicant’s bank statements (including internet bank statements) please remember to cross reference any other items detailed in the bank statements to those stated for expenditure in the Affordability Assessment Form for accuracy.

Eligibility for regulated bridging is based solely on the customer having a valid repayment strategy as per criteria in place and an assessment of income and affordability will not be undertaken.

Where an applicant is employed by a family member, in addition to payslips, a letter from the company accountant will be required or a bank statement which confirms the income stated on the payslips.

We will require proof of income from the current employer in all cases where the applicant is employed (except for regulated bridging applications as detailed above). This can be in the form of pay slips or our “Employer’s Confirmation” form if the required amount of pay slips cannot be provided. Please note when an applicant is paid in cash and cheque we will need an Employment Confirmation Form in all cases, this will need to be completed by the employer.

If the applicant receives pay slips they should include year to date totals, be computerised or printed and should confirm the applicant’s name.

• If the applicant is paid monthly/4-weekly/fortnightly we require three of the last five pay slips
• If the applicant is paid weekly we require four pay slips from the last six weekly pay slips
• If the applicant does not receive pay slips then an Employers Confirmation must be provided, which is available on My Broker Venue

Bonuses paid to applicants on a monthly basis may be used. Proof of bonus must be obtained, be consistent and appear on every pay slip.

We will also require confirmation of the applicants’ previous 12 month employment details. There is no minimum time requirement with the current employer however the applicant will need to have been in continuous employment for the last 12 months. This doesn’t have to be in the same line of work. If an applicant has not been working, and/or has been claiming unemployment benefit, this will not be classed as continuous employment. If the applicant is starting their first job they must be in their current position for a minimum of 6 months.

All expenditure declared by applicants should be a realistic reflection of their general spending. You should advise the applicant to use bills, invoices and receipts to help them complete the affordability assessment. Where the expenditure appears unrealistic or lower than we would expect, we will require a plausible explanation from the applicant as to why their expenditure appears to be low for that particular item.

We reserve the right to contact an applicant to confirm their declared expenditure for plausibility to enable the loan to proceed.

It is essential that an applicant can afford the loan throughout the whole term. It is important therefore that the income they have declared will be sustainable for the whole term of the loan, taking into account the monthly cost of their debt may rise and other household emergencies may happen during the term of the loan.

Where the term of the proposed agreement will extend beyond the period in which the applicant will receive particular benefits (e.g. Child Tax Credits) the applicant should provide a plausible explanation as to how the income will be replaced or any expenditure related to the benefit will be no longer required.

The explanation will be assessed for sustainability and plausibility and in some cases we may require proof.

Our affordability calculator will now assess the applicant(s) income and expenditure against our automated affordability model before requiring you to provide customer stated expenditure. This is using the Office of National Statistics data combined with household demographic and location.

There are only two outcomes:

Automated Pass
If the outcome of the assessment passes, then there will be no further information required from the applicant(s) and you will not have to provide line by line expenditure items. The applicant(s) do not need to sign a paper affordability assessment form. If the applicant(s) are consolidating any items of credit from the advance they will need to sign the “Debt Consolidation Declaration”.

Automated Fail
If the outcome of the assessment fails, you will need to ‘Opt-In’ to providing customer stated expenditure. A full affordability assessment will be required and the customer will be required to sign this form to confirm their expenditure. This will be assessed by our underwriting teams as part of our standard process. You will not be able to move an application back to automated pass, once you have triggered customer stated expenditure.

Broker fees may be charged on all residential products and must have been agreed with the applicant.

Total Mortgage Intermediary fees ≥ £7,000 or 10% of the net loan will be referred for review prior to the case being funded. The review is to make sure that fair value to the customer can be demonstrated.

Cases submitted with Total Mortgage Intermediary fees ≥ £7,000 or 10% of the net loan will be reviewed by underwriting prior to the case being funded.

You should disclose a monetary amount of the remuneration you will earn to the customer and hold confirmation on file.

Details of commissions will be shown on MyBrokerVenue.

There are early repayment charges on our fixed and discounted term products. There are no early repayment charges on any of our variable products.

Lender acceptance fees are paid by applicant and may be added to the loan. Please see individual product plans for details of lender acceptance fees.

Where an applicant requests to pay any of the lender fees as detailed in the Mortgage Illustration up front, we will contact them prior to completion for payment. All fees include VAT where applicable.

If the applicant has requested to pay any other fees up front (e.g. broker or third party fees) this will be by separate arrangement with the relevant third party involved.

Details of commissions will be automatically populated on the Mortgage Illustration (ESIS).

On redemption a fee of £110 is charged for all residential products.

Title insurance is not charged on any residential products.

Applicants are responsible for paying their own legal costs. Together legal costs are not charged on residential products.

For all non Purchase/Transfer of Equity applications under £250,000 we will complete the mortgage using our in house legal team or our Scottish Solicitor Wilson McKendrick. Where necessary the Independent Legal Advice requirements will still remain the same.

In some scenarios, the customer will be required to obtain independent legal advice. A completed ‘Solicitors Advice and Witness Certificate’ will be required and the solicitor should witness the legal charge for:

• Gross loan amounts over £200,000
• Applicant(s) aged 70 years or older.
• Non English speaking customers
• Joint applications where only one applicant is benefitting from the loan advance
• Where the underwriter deems necessary
• Parent and Child Borrowers
• The mortgage/loan is for business purposes and the business only relates to one of the applicants
• Divorced/separated couples
• Some Purchases and Transfers of Equity

Independent legal advice is required on all regulated bridging applications.

Any legal purpose is accepted. This must be clearly detailed on the Application / Enquiry form.

Where a solicitor has been instructed to act for an applicant, the solicitor must have 2 or more partners within the practice and 2 or more years of law society membership. If the solicitor does not meet these requirements please refer to the underwriter.

Solicitors must act for the applicant in the following instances (this list is not exhaustive):

• Transfer of Equity
• All property purchases

Where mortgage /loans is £250k and remortgage or deeds, solicitors may be required to act.

The customer will need to pay for their own independent legal representation (if required), as well as their own legal costs where applicable.

Lender solicitor costs are not charged on Regulated Bridging cases. For Regulated Bridging independent legal advice will be required on all applications.

Regulated Bridging Solicitors

All solicitors acting for customers must have 2 or more partners within the practice and a Law Society membership of 2 years or more. If the client’s solicitor does not fulfil these requirements please refer to the underwriter.

Independent legal advice should be recommended to all customers and will be required in all instances on the types of applications listed below:

• Loan amount £200k (gross)
• Applicant(s) aged 70 years or older
• Parent and Child Borrowers
• English is not the applicants first language
• The mortgage / loan is for business purposes and the business only relates to one of the applicants
• Divorced/separated couples
• Some Purchases and Transfers of Equity

The solicitor giving advice should be registered with the Law Society. The solicitor must explain the terms and conditions of the mortgage offer and legal charge, witness the legal charge and complete the solicitors advice certificate.

If the applicant(s) do not speak English as their first language in addition to the above the solicitor should confirm advice has been provided in the applicant(s) first language and establish that the applicants will have support throughout the life of the loan to help interpret any correspondence we many send to them.

Minimum of 3 years address history is required for all applicants.

The minimum applicant age is 18.

For all residential mortgages, the loan term should end before the applicants 85th birthday.

For second charge mortgages, the loan term should end before the applicants 80th birthday.

There is no maximum age restriction for consumer buy-to-let (CBTL) applicants where rental income meets or exceeds the required interest coverage ratio.

If you are using Rental Income verified by an Estate or Letting Agent’s rental projection, 90% of the rental income must meet or exceed the required interest coverage ratio.

CBTL applications must fit the income coverage ratio to be acceptable. The term for regulated bridging applicants must end on or before the applicants 85th birthday.

First time buyers
First time buyers are accepted on all products. They must have no declining unsecured credit.

Retired applicants
Retired applicants are accepted on all products. They must have no declining unsecured credit.

All applicants must set up a direct debit prior to funding. This direct debit must be in the customers name and be paid from a UK bank account.

First time buyers accepted on all products. First time buyers with declining unsecured credit will not be accepted.

Gifted deposits are only acceptable from the following close relatives of the applicant(s):

• Parent/Step-Parent/Parent-in-Law
• Sibling; Child/Step-Child/Son-in-Law/Daughter-in-Law
• Grandparent/Grandchild
• Aunt/Uncle

Gifted equity is acceptable up to a max of 65%, equity being gifted must be from a close relative (see gifted deposit) and where there is no declining credit.

Gifted Deposit letters will be required on all applications prior to funding, these will be obtained post offer. In addition to the signed letter, we need proof of identification from the Donor to include proof of name and proof of current residence but this does not need to be a certified copy.

As part of ‘know your customer’ we may conduct Electronic Identification and Credit Searches on the customer. Should any additional information relevant to the application become apparent we may need to carry out further investigations which may require the broker’s assistance.

Acceptable forms of Proof of ID:

• Current signed UK/EU/EEA Passport
• Current EEA National Identity Card
• Current UK/EU Photo Driving License - Must show current address (cannot be used for both ID and proof of residency)
• Current Full UK Driving License (old paper style) - Must show current address (cannot be used for both ID and proof of residency)
• HMRC Tax Code Notification (this document confirms the tax code for the forthcoming tax year)
• State Pension or Benefits Book/Notification Letter - dated within the current tax year
• Firearms certificate or Shotgun license

When an applicant is married, in a civil partnership, or in a couple living together in excess of 12 months (whether on the title or not) the application must be in joint names.

All applicants must be UK residents, except for consumer buy-to-let applications.

• Any applicants who do not have a UK Passport are subject to underwriter referral
• All applicants must be UK residents, hold permanent rights to reside, be paid in pounds sterling and have a UK bank account.

Required when an applicant does not pass EID.

Acceptable forms of Proof of residency:

• Current UK/EU Photo Driving License - Must show current address (cannot be used for both ID and proof of residency)
• Current Full UK Driving License (old paper style) - Must show current address (cannot be used for both ID and proof of residency)
• HMRC Revenue Tax Code Notification - Must be in relation to the current tax year
• State Pension or Benefits Book/Notification Letter - Must be in relation to the current tax year
• Current Tax Awards Letter - Must be in relation to the current tax year
• Current Council Tax Bill/Statement - Must be dated within and relevant to the current tax year. Must relate to the customers residential address (not a Buy to Let property)
• Mortgage Statement - Must be dated within the last 12 months
• Bank/Building Society/Credit Card/Credit Union Statement - Must be dated within the last 3 months. This cannot be an internet produced print out or printed out in branch
• Utility Bill - Must be dated within the last 3 months (gas, electric, water or landline phone - mobile or broadband bills not acceptable)
• Current Local Authority rent card or tenancy agreement - Must be dated within the last 12 months

Retired applicants are accepted on all products. They must have no declining unsecured credit.

Lending in retirement - Retired Applicants

Where an affordability assessment is required, affordability must be assessed based on pension income and expenditure at the point of completion.

Where an applicant will enter into retirement during the course of the loan term and personal income is being used for affordability, we will require a plausible explanation as to how they will continue to support the loan once they have retired and proof may be required. The underwriter reserves the right to request proof of the lending into retirement explanation if there are any doubts over the plausibility.

Lending into retirement- Employed / Self Employed

For employed and self-employed applicants the Lending into Retirement Policy applies if the term of the mortgage exceeds the applicant’s intended retirement age or the age of 70; whichever is earliest.

We may lend beyond the applicant’s retirement age subject to the following: If the applicant is greater than or equal to 10 years from the agreed retirement age then:

• The applicant must sign a Lending into Retirement Declaration to confirm they are aware the loan extends past their retirement age stating how they plan to meet repayments post retirement;
• Where pension income is intended to be used to meet payments post retirement then the existence of a plausible pension provision must be evidenced by sustained contribution into a pension by way of pay slips or current year’s pension statement. If there is a concern over the level of pension payment being made then a full illustration of projected benefits may be required.

Where an applicant is aged 56 years or older and the application takes the applicant beyond their stated retirement age or where the applicant is within 10 years of the agreed retirement age, we may proceed on a referral basis.

In addition to the above, a full assessment of affordability post retirement must be completed based on:

• The expected income post retirement;
• Expenditure may be adjusted to reflect known changes in income such as maturity of a first charge loan or other committed loan payments or a reduction in number of dependents.

Please ensure that the Affordability Assessment Form, affordability assessment post retirement form, lending into retirement declaration and any relevant proofs are sent as part of the referral.

If the applicant is retired at the point of funding affordability must be assessed based on pension income and expenditure at the point of completion.

A vulnerable applicant can be described as “someone who due to their personal circumstances may need additional help and support to understand or manage their finances.”

Should you have any reason to believe that an applicant is vulnerable for any reason, perhaps they have declared they have a mental health issue, are recently bereaved or they appear to have difficulty in understanding the loan application process, then you should take additional care to ensure that they understand the transaction and make us aware if you have any concerns about them and their loan application. You are required to declare this via our data capture field on My Broker Venue.

Benefits from children accepted, with the following proof required:

• Award letter dated within the last 12 months, or
• Two bank statements dated within the last 3 months, with confirmation that it will continue to be awarded throughout the term of the loan

Child maintenance accepted in the following circumstances:

• Arrangements must be made via the Child Support Agency (CSA) or by Court Order
• The terms of the arrangements must be assessed by the broker before submitting the case to the lender
• In both arrangements the ages of the children must be established and the terms of the CSA Agreement or Court Order reviewed to assess for future affordability as the terms may vary

A certified copy of the CSA Agreement or Court Order must be provided as proof of income.

We will require proof of income from the current employer in all cases where the applicant is employed This can be in the form of pay slips or our “Employer’s Confirmation” form if the required amount of pay slips cannot be provided. Please note when an applicant is paid in cash and cheque we will need an Employment Confirmation Form in all cases.

If the applicant receives pay slips they should include year to date totals, be computerised or printed and should confirm the applicant’s name.

• If the applicant is paid monthly/4-weekly/fortnightly we require three of the last five pay slips
• If the applicant is paid weekly we require four pay slips from the last six weekly pay slips
• If the applicant does not receive pay slips then an Employers Confirmation must be provided, which is available on My Broker Venue.

We will also require confirmation of the applicants’ previous 12 month employment details. There is no minimum time requirement with the current employer however the applicant will need to have been in continuous employment for the last 12 months. If an applicant has not been working, and/or has been claiming unemployment benefit, this will not be classed as continuous employment. If the applicant is starting their first job they must be in their current position for a minimum of 6 months.

Confirmation the applicant is not on furlough / flexi furlough or any other government scheme will be required, we will also require confirmation applicants are not under notice of redundancy.

For all personal mortgages, secured loan, and CBTL applications, proof of income is required for all applicants in all cases. In instances where the proof of income is the applicant’s bank statements (including internet bank statements) please remember to cross reference any other items detailed in the bank statements to those stated for expenditure in the Affordability Assessment Form for accuracy.

Eligibility for regulated bridging is based solely on the customer having a valid repayment strategy as per criteria in place and an assessment of income and affordability will not be undertaken.

Where an applicant is employed by a family member, in addition to payslips, a letter from the company accountant will be required or a bank statement which confirms the income stated on the payslips

We will require proof of income from the current employer in all cases where the applicant is employed (except for regulated bridging applications as detailed above). This can be in the form of pay slips or our “Employer’s Confirmation” form if the required amount of pay slips cannot be provided. Please note when an applicant is paid in cash and cheque we will need an Employment Confirmation Form in all cases, this will need to be completed by the employer.

If the applicant receives pay slips they should include year to date totals, be computerised or printed and should confirm the applicant’s name.

• If the applicant is paid monthly/4-weekly/fortnightly we require three of the last five pay slips
• If the applicant is paid weekly we require four pay slips from the last six weekly pay slips
• If the applicant does not receive pay slips then an Employers Confirmation must be provided, which is available on My Broker Venue.

Bonuses paid to applicants on a monthly basis may be used. Proof of bonus must be obtained, be consistent and appear on every pay slip.

We will also require confirmation of the applicants’ previous 12 month employment details. There is no minimum time requirement with the current employer however the applicant will need to have been in continuous employment for the last 12 months. This doesn’t have to be in the same line of work. If an applicant has not been working, and/or has been claiming unemployment benefit, this will not be classed as continuous employment. If the applicant is starting their first job they must be in their current position for a minimum of 6 months.

Industrial injuries benefit/war pensions accepted, with the following proof required:

• Award letter dated within the last 6 months, or
• Two bank statements dated within the last 3 months

Only accepted as income for the second or subsequent applicant where the first applicant is working and is a joint owner of the security.

ESA is accepted for single applicants where they are in receipt of Personal Independence Payment (PIP).

For CBTL applications, proof of income is required for all applicants in all cases. Where applicants are using rental income (or agent assessed rental income), the total rent received must be equivalent to a minimum of 125% of the total secured lending repayments as detailed below

We will be using the following Interest Coverage Ratios when assessing affordability on consumer buy-to-let applications:

• Individual applicants that pay basic rate tax: 125%
• Individual applicants that pay higher rate tax: 145%
• Individual applicants that pay additional rate tax: 165%

Where rental income is verified by an Assured Shorthold Tenancy agreement (AST), 100% of the rental income must cover the required 125% / 145% / 165% of the total secured lending repayments; where rental income has been verified by an Estate or Letting Agent’s rental projection, 90% of the rental income must cover the required 125% / 145% / 165% of the total secured lending repayments.

Rental income must meet the rental coverage ratio to be acceptable.

In addition to obtaining proof of rental income, the total gross income of all applicants must be entered into the Total annual taxable income including rental field in the CBTL affordability tab.

Where the interest coverage is less than 165% you will need to provide proof of gross income, using one of the following:

Employed applicants –most recent payslip or latest P60

Self-employed applicants – Accountant’s certificate or letter from accountant confirming income or latest SA302

Retired applicant’s – most recent pension advice slip or pension statement.

The net monthly income for the relevant income is calculated using the following method:

Average Net Income is:

Income for tax purposes - Income Tax Divided by the relevant period

Private pensions are accepted as income, with the following proof required:

• Annual pension - the last annual award statement or P60
• Monthly pension - two private pension payslips dated within the last three months

If the applicant doesn’t have the requirements above, the following are acceptable

• Annual pension – bank statement showing the amount credited
• Monthly pension - two bank statements dated within the last 3 months which shows the credit to their account

State Pension, Pension Credit, Disability Living Allowance, Child Tax Credit, Working Tax Credit, Child Benefit, Widowed Parent’s Allowance, Carer’s Allowance, and Attendance Allowance are also accepted as income, with the following proof required:

• Award statement for the current year, or
• Two bank statements dated within the last three months

The minimum trading period for self-employed applicants is 12 months

Applicants will be considered self-employed if they are a:

• Sole Trader (including those who subcontract on an individual or multiple basis)
• Partner who is currently in a Partnership or Limited Liabilities Partnership
• Shareholder in a Limited company owning 20% or more of any shares issued

Applicants who employ an accountant

If the applicant has an Accountant, we require a copy of the Accountant’s Certificate. This must be completed by an Accountant who holds a current practicing certificate and is a member of accepted accounting bodies. For details please see the current Accountant’s Certificate.

The net income figure used to complete the Affordability Assessment is the amount shown on the certificate in the relevant box titled ‘Total Net Income’ This can be used providing the information provided is less than 6 months old.

If the information is greater than 6 months old then the lesser of the amount detailed in the Accountant’s Certificate or the projected earnings will be used.

If the applicant’s projected earnings are higher than the year to date figures we will require a plausible reason for the increase in net income and confirmation that the increase is sustainable.

The Accountant can enter this information into the relevant section of the Accountant’s Certificate.

The Accountant must be currently practising and hold one of the acceptable qualifications listed within the Accountant’s Certificate,

Applicants who do not have an accountant

If the applicant doesn’t have an Accountant then we will accept the applicant’s last 2 SA302s provided the last SA302 is dated within the last 18 months. If we are using internet printed SA302s we will also require both Tax overviews to accompany these. The net monthly income will be calculated from the last SA302 and the previous one will be checked for sustainability of income.

We will also accept the last two 100% Submitted Tax Calculations from HMRC along with the Tax Overviews provided the last Tax Calculation is dated within the last 18 months. The net monthly income will be calculated from the latest Tax Calculation and the previous one will be reviewed in relation to sustainability.

If the applicant doesn’t have an Accountant, or is unable to provide 2 SA302s, they will need to employ the services of an Accountant, who can then provide an Accountant’s Certificate

Accountant will need to confirm how the applicants income has been sustainable throughout COVID, where SA302 are used, last 3 months business bank statements will be required to evidence level of income tally’s with the latest SA302, where this is evidenced, we may not proceed with the application. Where an applicant has received SEISS or JRS grant, obtain an explanation and then please refer.

Applicants on a fixed term, long term, or renewable contract will be considered on a referral basis. Evidence of their contract must be provided in conjunction with the required relevant proof of income. Short term contracts are not acceptable.

The following benefits are not accepted:

• Bereavement Allowance
• Bereavement Payments
• Health in Pregnancy
• Sure Start Maternity Grant

This list is not exhaustive – please refer any applications that have not been detailed above as we may be able to accept them.

Incapacity Benefit and Employment and Support Allowance after 2008

Accepted, with the following proof required:

• Award letter dated within the last six months, or
• Two bank statements dated within the last 3 months, with confirmation that it will continue to be awarded throughout the term of the loan

Universal Credit

Universal credit is replacing the following benefits. Where Universal credit is being used, we still require last 3 statements. We do not accept housing element of universal credit.

• Jobseekers allowance
• Housing benefit
• Working tax credit
• Child tax credit
• Employment and support allowance
• Income support

We require a minimum of 3 months print outs / confirmation of payment from HMRC / DWP.

We can consider applications that include an Accountant Certificate demonstrating proof of rental income. Rental income declared on any Accountant Certificate must be a net figure. If we have verified that the rental figure is net of any costs, mortgage payment and tax liability, then the Buy to Let mortgage payment can be removed from the Secured Credit section.

Where an applicant has a background Buy to Let property providing income, but cannot provide an accountant certificate or SA302, we will require the current, signed Assured Shorthold Tenancy Agreement (AST). The balance of the Buy to Let mortgage and the monthly payment made towards it must be entered into the “Unsecured Credit Commitments” and removed from the Secured Credit section.

Where an SA302 is provided that includes Buy to Let rental income, the balance of the Buy to Let mortgage and the monthly payment made towards must be entered into the “Unsecured Credit Commitments” and removed from the Secured Credit section.

Where an applicant has a rental property which is jointly owned with another party who is not associated with our application, please refer to an underwriter.

Where rent is received from a family member, this cannot be considered for income purposes.

Applicants on zero hours contracts are accepted provided they have been in their current employment for a minimum of 6 months. 6 months pay slips are required as proof of income. Applicants in a probationary period will not be accepted.

Where an applicant has a second job, we will accept 100% of this income subject to it being plausible that it is sustainable for the term of the loan.

Where an employed applicant is on maternity leave, we will use lowest maternity pay the applicant receives (evidence required) or Statutory, where the applicant is returning to work imminently we will need confirmation from the employer the applicant is returning to work and confirmation if the applicants salary has changed. Please also consider if the applicants expenditure is correct e.g. childcare costs.

Foster income is acceptable, we require a minimum of 6 months’ payslips / remittance advice slips where foster carers are classed as employed and most recent year P60 to confirm sustainability of level of income. If foster carer is classed as self-employed- please see requirements for self-employed applicants.

We will lend behind most high street banks and building societies, and will consider secured loans behind most nonconforming lenders. Where applicants have an existing mortgage with a non-conforming lender, they must be with same lender for a minimum of 12 months. Please note this list is not exhaustive and subject to change at any time:

• Accord Mortgages
• Advantage Home Loans
• Aldemore
• Amber Homeloans
• Astra Mortgages
• BM Solutions
• Britannic Money / Mortgage Trust
• Capital Home Loans
• Capstone Mortgages
• Citibank, DB Mortgages
• Derbyshire Homeloans
• E Mex Home Funding Ltd
• Endeavour Personal Finance
• Engage Credit
• First Active
• First National
• Future Mortgages
• GE Money
• GMAC/RFC
• Godiva Mortgages
• I Group
• Infinity Mortgages
• Kensington Mortgages
• Livingstone Mortgages
• London Mortgage Company
• MARS
• Money Partners
• Morgan Stanley
• Mortgage Agency Services
• Mortgage Business
• Mortgage Works
• Mortgages PLC (1-5)
• Oakwood Home Loans
• One Savings Bank
• Paragon
• Paratus
• Platform Homeloans
• Precise
• Preferred Mortgages
• Redstone Mortgages
• Rooftop
• Scotwest
• SPML
• Stroud & Swindon
• Sunbank
• Topaz
• UCB Homeloans
• Verso
• Victoria Mortgages
• Vida Homeloans
• West Bromwich Mortgage Company

Funds are disbursed using next day BACS payment method as standard. Disbursements to a solicitor are always sent via Telegraphic Transfer with no charge.

Equitable charges are not accepted.

Execution only is accepted for the following reasons:.

• Rejected advice
• High value mortgages and secured loans
• Mortgage professional
• Business loans

Execution only is not accepted for right-to-buy, debt consolidation, or regulated bridging applications.

We will consider lending behind fixed rate, daily interest, flexible, credit reserve, open plan, and other “nonstandard” mortgage types. In certain circumstances, first charge lenders have an “obligation to make further advances” on the security. Before we are able to complete the secured loan we require a signed deed of postponement or confirmation of what the maximum liabilities are and that it is capped at this level. (This is the Maximum Liabilities Confirmation). The Loan to Value will be based on the Maximum Liability not the mortgage balance and may be reduced. Where the security is in Scotland and the mortgage lender is predominately known to offer flexible, open plan mortgages, a mortgage reference and maximum liabilities / deed of postponement will be required.

Any legal purpose is accepted however this must be clearly detailed on the application/enquiry form on day 1 as the purpose may affect the terms and conditions applied to the loan. Should Together establish at any stage that the incorrect documentation has been issued, we will request that the correct documentation be issued and the relevant regulation be applied.

For regulated bridging applications consolidation of unsecured credit and consolidation of CCJs and defaults is not accepted.

Business Purpose Loans

A secured loan application for business purposes will be treated as a regulated mortgage contract in the following circumstances:

• The loan amount is greater than £25,000 and
• there is only one security being used and any element of personal lending;
• the application contains multiple securities and 50% or less of the loan amount is being used for business purposes
• the application is for a bridging loan and 50% or less of the loan amount is being used for business purposes

All other secured loans taken for business purposes will be treated as unregulated.

All variable rate regulated mortgage contracts are available on terms from 3 to 40 years.

Fixed rate regulated mortgage contracts are available on terms from 6 to 40 years.

All variable rate secured loans are available on terms of 3 to 30 years.

Fixed rate secured loans are available on terms from 5 to 30 years.

Consumer Buy-To-Let contracts are available on terms from 4 to 30 years.

Regulated bridging loans are only available on a 12 month roll-up interest basis – at the end of the term the loan will not be renewed.

Purchases & remortgages

LTVs are based on the open market value (OMV) or purchase price, whichever is the lower.

Maximum LTV includes the net loan amount plus any broker/intermediary fees; any fees that are prepaid by the applicant are not included in the maximum LTV.

Right-to-buy

LTVs are based on the OMV. Maximum LTV includes the net loan plus any broker/intermediary fees; any fees that are prepaid by the applicant are not included in the maximum LTV.

Shared ownership

LTVs are based on the OMV multiplied by the applicants’ share. Maximum LTV includes the net loan only as long as gross loan is covered by Mortgagee Protection Clause (MPC); any fees that are prepaid by the applicant are not included in the maximum LTV.

Secured loans

LTVs are based on the OMV and the priority charge redemption figure and our advance.

Maximum LTV includes the net loan only plus any broker/intermediary fees; any fees that are prepaid by the applicant are not included in the maximum LTV.

Consumer buy-to-let

CBTL second charge LTVs are based on the OMV, the priority charge redemption figure and our advance. Maximum LTV includes the net loan plus any broker/intermediary fees; any fees that are prepaid by the applicant are not included in the maximum LTV.

Regulated bridging

LTVs are based on the open market value (OMV) or purchase price, whichever is the lower.

Maximum LTV includes the net loan amount plus any broker/intermediary fees, plus all rolled up interest. Any fees that are prepaid by the applicant are not included in the maximum LTV.

Purchases & remortgages

Maximum loan amount includes the net loan amount, lender acceptance fees, and all broker/intermediary/third party fees that are added to the loan.

Any fees that are prepaid by the applicant are not included in the maximum loan amount

Right-to-buy & shared ownership

Maximum loan amount includes the net loan amount only.

Lender acceptance fees, insurances, broker/intermediary/third party fees, and any fees that are prepaid by the applicant are not included in the maximum loan amount.

Any fees that are prepaid by the applicant are not included in the maximum loan amount.

Secured loans

Maximum loan amount includes the net loan amount, plus all broker/intermediary fees that are added to the loan.

Lender acceptance fees, third party fees, and any fees that are prepaid by the applicant are not included in the maximum loan amount.

Please note that applications where the secured loan amount is greater than the first charge mortgage balance must be referred for underwriter approval

Consumer buy-to-let

Maximum loan amount includes the net loan amount, lender acceptance fees, and all broker/intermediary/third party fees that are added to the loan.

Any fees that are prepaid by the applicant are not included in the maximum loan amount.

Regulated bridging

Maximum loan amount includes the net loan amount, rolled-up interest and all broker/intermediary/third party fees that are added to the loan.

Any fees that are prepaid by the applicant are not included in the maximum loan amount

The mortgage balance on the Equifax search is accepted to calculate the Loan to Value. Consent and confirmation of arrears may still be required. Last update is required within 30 days before completion. Consent to register and redemption figures (if applicable - see plans) are required for lenders placing restrictions at HM Land Registry and for non-conforming lenders. Reference may be required if remortgaged in last 6 months.

If arrears are showing on Equifax / Experian, confirmation of arrears will be required from the lender. If the lender will only provide conditional consent, then the full amount to grant consent will be needed.

Landmark Mortgages, Northern Rock, NRAM, Virgin Money and flexible or open plan type mortgages are not accepted on bypass schemes and full mortgage reference will be required.

All properties must be minimum 40% residential use.

Consumer buy-to-let

An application will be considered a consumer buy to let (CBTL) on the basis of the following statements. The statements are in priority order, so for example if someone owns a BTL property already (No 4) and inherits a further property (No 7) the application will be unregulated due to the priority given to the statements.

1. If the borrower or a ‘related person’ does not occupy any part of the property

2. The borrower is an Individual, Partnership of 3 or less persons or an unincorporated body

3. The loan purpose is not to purchase the security

4. The borrower does not own any other properties which are rented out

5. The transaction is a ‘Let to Buy’ transaction

6. The borrower or a ‘related person’ has lived in the property since it was last purchased

7. The property was inherited

We can consider a CBTL if an applicant lives abroad but only under the following circumstances:

a. If the application meets the required Interest Coverage Ratio , the applicant must hold a UK bank account in their name and the rent must be received in sterling and paid into the UK bank account

All income proof must be in sterling.

Interest only residential mortgages & secured loans

Interest Only Repayment Strategies are accepted on residential mortgages and secured loans however Debt Consolidation will not be permitted on a second charge interest only basis.

Regulated bridging

Eligibility for regulated bridging is based solely on the customer having a valid repayment strategy in place and an assessment of income and affordability will not be undertaken. Proof of income is not required in most cases as this will not be used to assess affordability. Acceptable repayment strategies include the sale of owner occupied property or inheritance where a grant of probate has been issued. For sale of owner occupied property the property must be on the market and sales particulars must be provided. For inheritance where a grant of probate has been issued we require confirmation that the grant of probate has been approved. We also require details of the applicant's solicitor and a copy of the Will which has been verified by the applicant's solicitor. Where the grant of probate was provided to the applicant within the last six months this must be reviewed by an Underwriter. A Bridging Finance Repayment Declaration is required with relevant proof of the applicants’ repayment strategy.

Capital & interest

All products are available on a capital and interest repayment basis, with the exception of regulated bridging products.

Interest only

Interest Only Repayment Strategies are accepted on residential mortgages and secured loans however Debt Consolidation will not be permitted on a second charge interest only basis.

Interest rollup

All regulated bridging products are available on an interest rollup basis only. There are no monthly repayments; interest is compounded on a monthly basis and the full balance of the loan, including all rolled up interest and any fees added to the loan, is payable upon redemption.

If a client is remortgaging or redeeming a second charge it must be in the client’s best interests and to their benefit.

Please check the following before submitting your application:

• It must be evident from the credit search that the Customer’s financial position is stable or improving
• The expenditure stated on the affordability assessment form should be reflected from any evidence you have seen such as bank statements before submitting the case to us

We would expect the stated expenditure and affordability to reflect the last 12 months credit profile; for example, we wouldn’t expect low expenditure and a high relative MAMR if the customer is using payday loans, they are not servicing current credit commitments, or they have credit card balances which are close to their credit limits.

These circumstances may suggest that the stated expenditure is inaccurate as the credit profile infers that there is a strain on their current affordability and you should review this with all the evidence that you have and challenge the customer where their responses do not seem plausible.

We will not lend behind the following lenders or associated companies. Please note this list is not exhaustive and subject to change at any time:

• 5D
• Affirmative
• Associates
• Base
• Black Horse
• Black Horse / Cedar Holdings
• Central Trust
• Churchhouse Trust
• Davenport Securities
• Interbay
• London Mortgage Corporation (pre Oct 2004)
• London & Scottish Bank
• Norton Finance
• Ocean Money
• Prestige (Sheldon and Stern, Barex, Lawnbourne, etc.)
• Private Mortgages (dependant on terms)
• Shawbrook
• Sherringtons
• Swift Group
• Wave Lending
• Webb Resolutions
• Welcome
• Wood berry Securities

If the lender is not referred to here, please refer to underwriter, copies of the mortgage offer may be required.

We will not lend behind any fringe lenders and will not secure a third charge behind other Lenders.

We do not offer help to buy mortgages. Other shared equity can be considered by referral only with the relevant documentation about the scheme being available.

All property structures are considered in England, Scotland and Wales.

High Rise flats by referral only. We will require details of construction, cladding and number of floors.

Fire Risk Assessment and Cladding for Flats

For all flats in blocks (both above and below six storeys), an up to date Fire Risk Assessment (FRA) must be in place. Additionally, in the following circumstances we require an External Wall Review – EWS 1 Form:

• The property is known to have ACM cladding (any height)
• The property has an unknown cladding type and is above 6 storeys in height (over 18m)
• The property has balconies containing combustible materials (any height)

For regulated bridging applications, an additional property can be used as security where required – either a first or second charge can be taken against the additional security. Where a second charge is being taken, the second charge nominal rate will apply to the full loan amount. Second charge LTV is based on the redemption figure for the priority charge. Applications which are lower than 50% LTV do not require a redemption figure.

Where using multiple securities, all properties must be in the same legal jurisdiction (e.g. both properties must be in England/Wales, or both properties must be in Scotland).

You must submit the current buildings insurance policy for the security address(es) prior to offer. For purchases, this must be obtained at exchange of contract and supplied prior to completion.

England & Wales - ignore all pre-emption.

Scotland – we do not lend on ex-council properties in Scotland within the pre-emption period.

We will only lend a maximum of the discounted purchase price within the first 12 months of the pre- emption period.

On right-to-buy applications we will also take into account any future costs or service charges that the applicant will be liable for.

A certified copy of a signed Assured Shorthold Tenancy (AST) is required for CBTL properties. If there the property is currently vacant with intention to let at the time of our loan, an agent’s rental assessment is required.

An AT5 must be signed and dated prior to the AST for consumer buy-to-let applications in Scotland.

For definition of property types please see individual plans for details.

A minimum of 50 years must be remaining at the end of the loan term for all leasehold properties.

Where a full internal inspection / drive by valuation are obtained the open market valuation (OMV) and projected 90 day market valuation (PMV) should not have more than a 10% difference between them. If the difference is greater than 10%, underwriter approval is required.

If the property is currently for sale with an estate agent, please supply a copy of the sales particulars along with the valuation.

Residential mortgages

A full, drive-by or hometrack valuation are required on all residential mortgage applications – Please see product plans for guidance.

First Charges, Secured loans & Consumer Buy-to-Let

Our Residential Valuation Panel is available from your Business Development Executive. All valuers must be based within a 15 mile radius of the property. A specific valuer is required in some postcode areas surrounding London. If the valuation report is not completed by our specific valuer, we may refer the report for their comments. Please refer to the valuation panel on my broker venue.

Valuations must be dated within the last 3 months and we require original valuations with no amendments. If amendments have been made we require all previous versions of the valuation; the case will be referred and is strictly subject to Credit Committee approval.

All property valuations of £1,000,000 or more are strictly subject to underwriter approval. We will contact any valuers or other appropriate sources regarding the valuations of a property. Should any further information be discovered which is not reflected in the valuation or may have a detrimental effect on the value of the property, we reserve the right to reduce the loan amount or decline the case.

Audit valuations may be required if the property value is greater than £500,000, a valuation bypass scheme has been used or at the underwriters discretion.

Regulated bridging

For Valuation requirements – please see product plans.

Our Residential Valuation Panel is available from your Business Development Executive. All valuers must be based within a 15 mile radius of the property. A specific valuer is required in some postcode areas surrounding London. If the valuation report is not completed by our specific valuer, we may refer the report for their comments. Please refer to the valuation panel on my broker venue.

Valuations must be dated within the last 3 months and we require original valuations with no amendments. If amendments have been made we require all previous versions of the valuation; the case will be referred and is strictly subject to Credit Committee approval.

All property valuations of £1,000,000 or more are strictly subject to underwriter approval. We will contact any valuers or other appropriate sources regarding the valuations of a property. Should any further information be discovered which is not reflected in the valuation or may have a detrimental effect on the value of the property, we reserve the right to reduce the loan amount or decline the case.

Audit valuations may be required if the property valuation is greater than £1,500,000.

Valuation bypass schemes

Valuation bypass schemes will be subject to audit controls and underwriter approval, and must be used in conjunction with all other criteria. All maximum loan amounts and LTVs on bypass schemes are inclusive of broker/intermediary fees being added to the loan.

For a small percentage of bypass valuations a comparison between schemes will be conducted. Should this show a disparity between the valuations we may require a full valuation from a panel valuer; we will meet 50% of the valuation costs incurred (if applicable).

Where the surveyor insists on specialist reports to confirm valuations, this must be obtained at a cost the applicant, upon receipt the surveyor will need to confirm they are acceptable. Please note LTV may be reduced accordingly.

For shared ownership purchases, the housing association need to confirm and agree the following to enable completion, where the information is not satisfied we will not be able to proceed:

• Details on percentage owned
• Details of monthly rent available
• Details that Together personal finance limited is an approved lender by the housing association and Together will be covered for the gross loan.

We do not accept builder incentives on new build properties other than white goods” Where at time of offer the property is incomplete a reinpsection will be require prior to funding, this will be noted in the offer and at the cost of the applicant. Where a new build is in excess of 3 months from completion of the build, please do not submit.