Together and Optimum Credit update second charge offerings

Together and Optimum Credit update second charge offerings

 

Together has launched a limited edition two-year fixed prime plus deal with an interest rate of 4.29 per cent for capital repayment and 4.79 per cent for interest only.

It has also cut the rate on its five-year fixed second charge products by a full one per cent to 4.99 per cent for capital repayment and 5.49 per cent for interest only.

The lender has also increased the maximum LTV for its second charge term products, which are initially available for three months, from 70 to 75 per cent.

And Together has reduced the number of supporting documents brokers must submit during the personal and commercial finance application processes — by updating what document checklists its broker portal requests and streamlining the credit search process.

Sundeep Patel, director of sales at Together, (pictured) noted that self-employed customers, freelancers and contractors, those on zero-hour contracts and retired people may be eligible for loans.

“We expect demand in the second charge market to grow significantly throughout this year and are refreshing our product offering,” he said.

“These changes may help borrowers who have been locked out by high street lenders.

“At a time when people’s circumstances may have changed due to coronavirus, we think it’s important that lenders offer flexible criteria and competitive rates to increase the choice available in the market.”

 

Optimum Credit

Meanwhile, Optimum Credit has today released a new suit of products called Optimum Plus.

Broker firm Loans Warehouse said the product range has been designed to target underserviced areas of the markets.

This included newly self-employed applicants, borrowers with complex and multiple income streams, benefits or variable income and would offer longer terms for older borrowers.