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Recent updates.

Discover the latest product announcements from Together

Latest product updates from Together

Commercial Term Stressing - Affordability Checking

Why?

To ensure our customers are supported through the current microeconomic climate we are introducing a 1% stress to all of our Commercial term loans submitted on or after the 31st of October.

What’s Changed?

We are introducing a standalone affordability calculator for our Commercial term product.

What do I need to do?

From 31st October this affordability calculator needs to be used to assess the customers TSDI including the 1% stress.

If the property is currently rented (Or is projected to be) we’ve covered this in the calculator too.

What then?

Once you have assessed the customers affordability using the calculator you then upload the usual proof of income requirements with the case:

  • 2 x SA302’s
  • Accountants certificate
  • Rental Agreements

Anything else I need to know?

This change doesn’t impact cases in our existing pipeline. Affordability for all other products can be calculated as normal through MBV.

Great, where do I find it?

The calculator can be found below and we’re working hard to get it onto MBV in the near future.

Download the calculator

Introducing your new 5 year fixed product range

Following our recent communication where we advised we’d temporarily paused lending on our fixed rate products, we’re really pleased to share with you that we’ll be re introducing a number of our 5 year fixed products.

We have a strong appetite to support you and your business and we’re an experienced team, with a wealth of expertise to help you and your customers through this ever changing climate.

Our criteria hasn’t changed and we remain committed to helping borrowers by providing them with access to specialist finance, catered to their needs. We continue to be flexible in a range of circumstances and can help customers who have:

  • Varying types of income, such as self-employed, being a landlord
  • Multiple income sources, pensions, part-time income, rental income
  • A non-standard buying situation such as Shared Ownership, Right to Buy
  • Thin or impaired credit
  • A non-standard property - thatched cottage, high-rise flats

New Products - Personal Finance

From 21st October, new 5 year fixed rates will be:

First Charge from 8.75%
Second Charge from 9.35%
Consumer Buy to Let First Charge from 8.85%
Consumer Buy to Let Second Charge from 9.45%

Further changes also include:

Consumer Buy to Let (Second charge) variable rate increase – now from 8.39%
Reversion margin on Second charge will be increasing to 2%
Fixed rate cases already submitted and not offered, will need to be re-quoted on either the current variable rate product or one of the new 5 year fixed rate products. In order to get your application unlocked please contact our underwriting team on 0161 933 7042.

You can see the full product details and updated rates in our product cards.

View the product cards


New Products - Commercial Finance

From 21st October, new 5 year fixed rates will be:

Buy to Let

Buy to Let first charge from 8.75%
Buy to Let second charge from 9.75%
Homeowner Business Loan first and second charge from 9.75%

Standard Bridge

Unregulated Residential First charge from 0.85%
Unregulated Residential Second charge from 0.95%
Unregulated Commercial First charge from 0.95%

You can see the full product details and updated rates in our product cards.

View the product cards


Updates to our Personal Finance pipeline

Following our recent email where we advised that we'd temporarily paused lending on all of our fixed-rate products amid market uncertainty, we can now update you on the revised pipeline information for Personal Finance products, as below.

Pre-offer

We’ll honour all pre-offer pipeline on applications received on or before 27th September 2022, subject to all outstanding documents being provided by 7th October 2022 and the case being offered by 14th October 2022.

These cases must be funded by 14th November 2022.

Post-offer

We’ll honour all pipeline cases where the customer is happy to proceed.

Variable products

We continue to offer a range of variable rate personal finance products, which have been updated.

View the product cards


We will continue to assess the external economic environment and keep you informed of any further changes.

Important changes to our products

Amid current market uncertainty, from today, we’ve temporarily paused lending on all of our fixed-rate products, as we fully assess the impact of the market instability.

The temporary pause will not affect any of Together’s variable rate products, which remain available to our adviser partners and customers. Updated product cards are below.

As we review our product range and assess the environment, we’ll continue to communicate with you on a regular basis, keeping you updated with the latest information.

Commercial Finance products

For purchase and refinance cases due to complete this week (by Friday 30th September) we’ll aim to honour these and will update you as soon as possible on these cases.

We will not be progressing any other fixed rate products currently in pipeline, while we pause to review our product range.

We continue to offer a range of variable rate commercial finance products, which have been updated.

Commercial finance product guide


Key pipeline dates for Commercial Finance variable rate products

Submitted before Funded by
28th September 2022 26th October 2022


Personal Finance products

Pre-offer pipeline
We will pause working on these cases whilst we review our product range. We will keep you updated on your cases as soon as possible.

We continue to offer a range of variable rate personal finance products, which have been updated.

Personal finance product guide


Key pipeline dates for Personal variable product changes

Quoted before Submitted before Offered by
28th September 2022 12th October 2022 9th November 2022


Our team are here to help.

We are committed to keeping you updated on your cases and our products during this time and will continue to share our latest information with you as soon as we can.

In the meantime, if you have cases to discuss or require any further information, please contact your specialist account manager or the broker support team on 0161 933 7101

Instructing surveyors for commercial applications

We’ve now appointed VAS as our surveyor panel manager for all commercial finance applications. VAS work with a highly experienced panel of 3rd Party Valuation firms, with full UK coverage. This ensures your loan security valuations and monitoring surveys are carried out by the most relevant company based on location, transaction type and value.

VAS’ extensive and varied panel of nationwide firms is the most comprehensive database of its kind, with over 190 valuation firms covering in excess of 250 regional offices - many of whom are able to leverage off multi-disciplinary departments, which means they can provide the most up-to-date and accurate advice to you.

VAS understands the end-to-end lending process and the risks associated with providing secured loans. Our partnership ensures an efficient delivery of quality-controlled valuations and ultimately assists in reducing the time to cash for your clients.

Whilst technology plays a key role within all of VAS’ processes, experienced people remain at the heart of what they do. Technology drives the efficiencies, but not at the expense of human interaction and decision making. VAS exists to create a seamless and efficient journey for a lender, intermediary and the customer.

We’ve created a number of handy guides to help with the changes.


VAS Scale of Fees

VAS Dashboard

VAS Panel Management - Guide

My Broker Venue updates

We've made a couple of changes on My Broker Venue.

1. We're renaming the ‘Customer Account Details’ tab to ‘Funding Account Details’ and renaming the Direct Debit tab to ‘Direct Debit details’. This is to make it clearer which tab is for DD account information and which tab is for disbursement account information.

2. For personal finance applications we've removed the ‘letter from employer to confirm that the applicant is not at risk of redundancy' from the checklist.