Together raises LTVs to 70 per cent and increases loan sizes

The specialist lender has also reduced the minimum loan size on its second charge products from £50,000 to £30,000.

At the same time, maximum loan sizes have been increased on the lender’s commercial finance product range, including unregulated bridging and buy-to-let mortgages to £2m.

The changes follow feedback from brokers, Together said, with more product updates set to follow in the New Year.

Sundeep Patel, head of intermediaries at Together (pictured), said: “The housing market remains strong, with average UK asking prices rising by 6.6 per cent in the year to December, and we’re making these changes in response to the current demand for mortgage lending.

“We have some of the most flexible criteria in the specialist mortgage market and these latest changes will support those clients whose borrowing needs are not met by high street lenders; these could be self-employed workers, or those in employment who’ve had minor credit issues in 2020, possibly caused by the Covid pandemic.

“We’ve listened to feedback from our trusted partners and are pleased to be introducing these new personal finance products to help more brokers achieve the best possible outcomes for their clients.”