It also increases maximum loan size for commercial mortgages
Together has introduced a new policy to issue conditional offers on second charge regulated loans, pending consent from the first charge lender.
The non-bank lender said the change aims to streamline the application process for brokers and their clients by providing earlier certainty. The move addresses a common industry challenge, according to Tanya Elmaz (pictured), director of intermediary sales at Together.
“The associated delays in obtaining consent from first charge lenders have been a major bugbear across the industry,” she said. “Feedback from our valued master brokers highlighted that being able to receive an offer before receiving consent is attractive, as it means the customer has a better understanding of the outcome of their application earlier in the process.
“We expect our latest consent to follow change will deliver a more flexible underwriting process and further enhance Together’s reputation among intermediary partners as a lender which provides fast and flexible finance when it’s needed.
“This change will give clients peace of mind knowing that they have an offer for a second charge loan to quickly consolidate debt or complete a refurbishment project.”
In addition to the policy change, Together has also increased its maximum loan size for commercial mortgages from £250,000 to £1.5 million, for loans up to 65% loan-to-value (LTV).
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