Start up business financing

Our business purpose loans are the business

Sometimes a cash injection is all you need to boost your business or start a new one, our business purpose loan is designed to help. It allows you to use the equity you already have in your home to fund a business purpose. A start-up perhaps or some much needed investment in new equipment. Our approach to lending considers your individual circumstances, not just your credit profile. So even if you’ve had previous problems, you could still get a business purpose loan with us.

We’ll consider business purpose loans for:

• ex-council houses, flats and maisonettes
• high-rise properties (yes, even ones above 6 floors)
• properties with poor valuations (when the property is in a less than perfect condition)
• non-standard constructions (When the property you want is a little out of the ordinary)
• normal brick-built houses, flats and maisonettes
• properties where more than 40% will be owner occupied

Key features

• Loans from £3,000 to £1,000,000
• Up to 77.5% LTV (loan to value)
• CCJs and Defaults accepted (up to 70% LTV)
• Variable rates from 6.65%
• 5-year fixed rates available from 7.4%
• Interest-only repayment options available

With added value

You’ll find the same rates for our business purpose loans as you will for our other secured loans, and to help make things more affordable, we offer a 5-year fixed-rate option. Also, we won't hit you with early repayment charges if you want to pay off your loan early. And that’s even on fixed-rate loans.

6 steps to getting a business purpose loan

When you apply for a loan with us, one of our qualified advisers will guide you through each step of the process:

1. We’ll make sure we understand your circumstances fully before recommending a suitable loan. If you’re happy, you’ll receive a ‘mortgage illustration’ providing all the relevant details about the product you’re applying for.
2. Our advisers will take you through the full application process. We’ll tell you exactly what you need to do, and when, including sending us supporting documentation. For example, proof of income in the form of wage slips or your accounts.
3. When we have everything we need, we’ll assess your application and supporting information.
4. If we’re happy with everything, we’ll make you a loan offer, which means we’ve accepted your loan application.
5. Our advisers will tell you what’s happening at each stage and, importantly, you’ll have their contact details if you want to get in touch.
6. We’ll release the funds to you and you're good to go.

Business purpose lending criteria

These loans are treated as a regulated mortgage contract if:

• the loan amount is £25,000 or less

  OR

• the loan amount is more than £25,000 and:

• there is one security and ANY element of personal lending

  OR

• if the loan is a bridging loan or you are using multiple securities and 50% or less of the loan amount is being used for business purposes.

If you don’t meet these criteria, don’t worry, you can still apply for a business purpose loan with Together by applying for one of our commercial term loans.

Our general lending criteria

• Maximum LTV (loan to value) – 77.5%
• Maximum loan – £1,000,000
• Variable rate terms – 3 to 30 years
• Fixed rate terms –5 years then variable rates
• Maximum age – 80 years at end of term
• Credit profile – CCJs and Defaults accepted (even in the last 12 months)
• Income types – employed, self-employed, temporary/zero-hour contracts, DWP benefits, pension
• We accept loans against non-standard property types