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Together introduces cross-charging on regulated bridging

by: Carmen Reichman
  • 12/01/2017
  • 0
Together introduces cross-charging on regulated bridging
Specialist lender Together has introduced cross-charging to its regulated bridging products, enabling homeowners to borrow against two properties simultaneously.

Under the changes, home buyers will be able to take out a bridge on the home they are selling as well as the home they are buying.

They will then have the ability to pay for the loans part and part as the lender will accept a remortgage on the new property as their repayment strategy.

Proceeds of inheritance and the selling of a property also remain accepted repayment strategies.

Rates on the products start from 0.65% a month, for loans from £10,000 to £1m at up to 75% loan-to-value. With all Together’s bridging loans being “roll-up” products, borrowers are charged for them in full at the end of the 12-month term.

Brokers will be able to consider the product for any of their customers, where the advised sales process has indicated that a bridging product is best suited to the customer’s circumstances, Together said.

It said it had piloted the scheme with a number of packagers and had in turn expanded its network of partners on regulated bridges.

Sales director Gary Bailey (pictured) said: “Our aim is to ensure that our products are in line with customers’ needs and that we support our broker partners as much as possible, and take their feedback into account, which is what these changes are all about.

“The ability to cross-charge offers customers more flexibility, so that they can utilise equity in both their current and new property, which very much ties in with our common sense lending philosophy.”

Applications can be submitted via the online broker portal.

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