The new maximum loan size will be available for purchase, remortgage and right-to-buy applications with a loan-to-value of up to 50%.
Together has increased its maximum mortgage loan amount to £1m to expand its customer base and address rising property prices.
The new maximum loan size will be available for purchase, remortgage and right-to-buy applications with a loan-to-value of up to 50%.
Pete Ball, chief executive of personal finance at Together, said: “We’ve always recognised that the need for specialist finance is diverse and we constantly review our products to ensure we’re meeting customer needs.
“That’s why we’ve decided to increase our maximum loan size for personal mortgage, as we were seeing demand for bigger loans, in line with the current housing market, alongside an expanding customer base.
“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.
“What this goes to show is that the demand for specialist finance is growing and we’re adapting out products to suit a broader demographic, in recognition of that.”
Together has also increased its maximum loan amount for purchases up to 75% LTV from £200,000 to £250,000 and also increased its maximum loan size for purchases, remortgages and right-to-buy from £250,000 to £500,000.
The 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.
The lender now hopes to offer its services to a wider range of customers, particularly those that may not be able to secure funding from a mainstream bank.
East London mortgage broker Jonathan Burridge said: “Together is a niche lender so it is good to see them expanding their offering.
“With these kinds of increases, it gives the consumer more choice on the market.”
David Hollingworth, associate director of communications at London & Country, said: “The market is so competitive at the moment that lenders will be looking to differentiate themselves as much as they can.
“With rates so low that is bound to see lenders, specialist as well as mainstream, consider how they can best attract and accommodate more customers through tweaks to lending policy where appropriate.”
