Together ups first charge cap to £250k


Specialist lender Together has increased its loan amounts for first charge mortgages from £200,000 to £250,000, as the average house now tops £215,000.

The changes, which apply to first charge purchase, remortgage and right to buy applications, will come into effect this week.

Together sales director Gary Bailey explains: “We’ve had a number of referrals within £250,000 recently that we have accepted, and since the average house price is now over £200,000, it made sense to upgrade our product plans to reflect this, by increasing the amount available.”

Together has also removed the maximum age limit on its consumer buy-to-let mortgages, where rental income covers 120 per cent of total secured lending repayments.

Bailey adds: “We’ve already removed the age limit on our buy-to-let range so we were keen to apply this to the consumer buy-to-let mortgages as well.

“The concept of consumer buy-to-let covers the ‘accidental’ landlord; someone who, for example, has inherited a property or has let their property as a result of circumstance, rather than as part of a business plan, and this change in criteria will help ensure we’re meeting the needs of these customers, as well as the buy-to-let investors and professional landlords.”

Together does not ask for an assured shorthold tenancy to be in place before lending.

The lender will also accept an estate or letting agent’s rental projection if 90 per cent of rental income covers 120 per cent of the total secured lending repayments.

Additional income sources can also be considered by referral with an affordability assessment.