Remortgaging the second property will be accepted as an exit strategy alongside the sale of the existing property.
Specialist lender Together has changed its criteria so customers can secure bridging finance against two properties.
Remortgaging the second property will be accepted as an exit strategy alongside the sale of the existing property.
Proceeds of inheritance and sale of property will also be accepted as repayment strategies.
Gary Bailey (pictured), sales director at Together, said: “We’ve made a number of changes to our criteria for regulated bridging loans, based on feedback from our broker partners.
“The ability to cross-charge offers customers more flexibility, so that they can utilise equity in both their current and new property, which very much ties in with our common sense lending philosophy.
“In addition we’ll now accept remortgage as a repayment strategy when an additional security is being used – offering the customer a ‘part and part’ repayment strategy when combined with the sale of another property.”
Together has also expanded its network of packagers after a successful pilot scheme.
Bailey added: “We offer regulated bridging through our intermediaries and are now working with even more packagers.
“Applications are submitted via our online broker portal, with a new simplified user journey to ensure it’s quick and easy.
“Our aim is to ensure that our products are in line with customers’ needs and that we support our broker partners as much as possible, and take their feedback into account, which is what these changes are all about.”
All Together’s bridging loans are “roll-up” products, meaning that no monthly payments are made and the customer repays the full amount of the loan, including interest and fees, by the end of the 12 month term.
Rates start from 0.65% a month, with loans from £10,000 to £1m at up to 75% loan-to-value.
