Financial services group Together have increased their maximum personal mortgages loan amount to £1m, expanding their customer base and addressing 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 per cent.
The increase will allow Together to offer specialist services to a wider range of customers, serving those that may not be able to secure the funding they require from a mainstream bank.
Pete Ball, chief executive of personal finance at Together, said: “At Together 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 mortgages, 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. 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.”
In addition, Together have increased their maximum loan amount for purchases up to 75 per cent loan-to-value from £200,000 to £250,000, increased their maximum loan size for purchases, remortgages and right-to-buy from £250,000 to £500,000 and their shared ownership limit from £200,000 to £250,000.
In response to the significant increase, cases over £500,000 will be manually underwritten.
Together have also launched simplified product guides and are improving their affordability assessment for all personal lending products.