Applicants who have received a binding offer and still want to go ahead will have their case reviewed. The lender will be focusing on the valuation, affordability and in the case of bridging finance deals, the plausibility of the exit route.
In an email to brokers, the lender said that where valuation costs have been incurred and the client is unable to re-use them, it would work with brokers to refund fees on a case by case basis.
Together said it would focus on its binding offer pipeline and its existing loan book over the coming months.
It also plans to continue the automation of its systems and streamlining of processes which will allow the non-bank lender to return to the market with new criteria in a strong position.
Marc Goldberg (pictured), commercial chief executive at Together, said: “Brokers and our intermediary network are an exceptionally important part of our business, and as such we have been communicating regularly throughout this crisis.
“Our latest announcement has been the result of careful analysis of the current and expected future impact of Covid-19 on the UK market.
“This was a difficult decision to make, but our priority has to be a focus on our binding personal finance offers and our existing £4.3bn loan book.
“While this is disappointing for many partners, they understand the reasons for our decision, and have been very supportive. We look forward to working with them on the launch of our new lending criteria in the near future.”