Increase in maximum LTVs across our mortgage range.
We’ve raised the maximum loan-to-value to 70 per cent across our first and second charge mortgage products.
The minimum loan size on our second-charge products has also been reduced from £50,000 to £30,000, offering intermediaries more options for their clients looking for lower-value loans.
The new product changes were introduced this week following feedback from brokers, and are available to key partners and directly to customers.
Sundeep Patel, head of intermediaries, said: “The housing market remains strong, with average UK asking prices rising by 6.6 per cent in the year to December, and we’re making these changes in response to the current demand for mortgage lending.
“We have some of the most flexible criteria in the specialist mortgage market and these latest changes will support those clients whose borrowing needs are not met by high street lenders; these could be self-employed workers, or those in employment who’ve had minor credit issues in 2020, possibly caused by the Covid pandemic.”
The Government introduced a Stamp Duty holiday in July – bolstering demand for mortgages – but the market had been strong before, while house price growth will remain “resilient” into next year according to the latest predictions, he said.
Sundeep added: “We’ve listened to feedback from our trusted partners and are pleased to be introducing these new personal finance products to help more brokers achieve the best possible outcomes for their clients.”
Meanwhile, we’ve also made changes to our commercial finance product range by increasing maximum loan sizes on both residential unregulated bridging and buy-to-let mortgages to £2million (before referral). Previously, loans sizes were £750,000 and £500,000 respectively.
These are the latest in a series of changes to its products, and follow our announcement earlier in the year that we had lowered rates on unregulated bridging loans to 0.65 per cent (50 per cent LTV and under), while more product updates are expected in the New Year.
*Your home may be repossessed if you do not keep up repayments on your mortgage.
**Together Personal Finance is regulated by the Financial Conduct Authority (FCA). Based in Cheadle, Cheshire, the company has a loan book of £4billion.
Lending decisions are subject to an affordability/creditworthiness assessment.
Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.