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Together ups maximum personal mortgage loan to £1m
The specialist lender will make the product available for purchase, remortgage and right-to-buy applications, with a loan-to-value of up to 50% as it bids to address rising property prices.
The news comes after Together revealed that its loan book had surpassed the £2bn mark for the first time in its 43-year history.
Together will also be able to offer services to a wider range of customers with the new loan size as it looks to serve those who may not have been able to secure the funding they required from a mainstream bank.
Together also revealed it has increased its maximum loan amount for purchases up to 75% LTV from £200,000 to £250,000.
Meanwhile, the maximum loan size for purchases, remortgages and right-to-buy has increased from £250,000 to £500,000, while its shared ownership limit has risen from £200,000 to £250,000 and – in response to the significant increase – cases over £500,000 will be manually underwritten.
Pete Ball, chief executive of personal finance at Together, said it had introduced the new maximum loan size after finding that it was seeing more demand for bigger loans due to the current housing market.
“Our recent customer insight data shows that our main three customer groups are high-income professionals, older working families and those on the road to retirement, and they may turn to specialist finance providers for a variety of reasons.
“It could be that they are self-employed, or it could be about the property, which may not fit the ‘standard’ classification.
“What this goes to show is that the demand for specialist finance is growing and we’re adapting our products to suit a broader demographic in recognition of that.”
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