Specialist lender Together has raised the maximum loan-to-value to 70% across its first and second charge mortgage products.
The firm has also reduced the minimum loan size on its second-charge products from £50,000 to £30,000.
Sundeep Patel, the lender’s head of intermediaries, said: “The housing market remains strong, with average UK asking prices rising by 6.6% in the year to December, and we’re making these changes in response to the current demand for mortgage lending.
“We have some of the most flexible criteria in the specialist mortgage market and these latest changes will support those clients whose borrowing needs are not met by high street lenders; these could be self-employed workers, or those in employment who’ve had minor credit issues in 2020, possibly caused by the Covid pandemic.”
The new product changes were introduced this week following feedback from brokers, and are available to Together’s key partners and directly to customers.
Together has also made changes to its commercial finance product range by increasing maximum loan sizes on both residential unregulated bridging and buy-to-let mortgages to £2million (before referral). Previously, loans sizes were £750,000 and £500,000 respectively.
Mr Patel added: “We’ve listened to feedback from our trusted partners and are pleased to be introducing these new personal finance products to help more brokers achieve the best possible outcomes for their clients.”
This post has originally been featured in Property Wire.