In an effort to increase its customer base and address rising property prices, specialist lender Together has opted to up its maximum personal mortgage loan amount to £1m.
With a loan to value (LTV) of up to 50%, the new maximum loan size will be available for purchase, remortgage and right-to-buy applications.
The move will enable the lender to offer its services to a broader range of customers, providing options to those who may not be able to obtain the funding they need from a mainstream bank.
Together has also upped its maximum loan amount for purchases up to 75% LTV, from £200,000 to £250,000. In addition, it has increased its maximum loan size for purchases, remortgages and right-to-buy from £250,000 to £500,000, while its shared ownership limit has also been upped to the same amount. Cases over £500,000 will now be manually underwritten.
“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,” Pete Ball, chief executive of personal finance at Together, commented.
“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.”
He added: “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 our products to suit a broader demographic, in recognition of that.”