Together relaunches personal and commercial products; Selina Finance adds homeowner and adverse deals – round-up

The lender temporarily paused lending on fixed rate deals at the end of September and relaunched non standard fixed rate personal and commercial deals in October.

The lender has reintroduced its two-year fixed personal finance product, along with its two-year fixed rate buy-to-let mortgage, both on a first and second charge basis.

Personal mortgage rates start from 8.45 per cent for first charge and 8.95 per cent for second charge. The lender said that this mirrors the rates of its standard two-year buy-to-let products.

Together has also brought back its five-year commercial mortgage, with rates starting from 10.49 per cent. It has a maximum loan to value (LTV) on properties valued up to £2.5m.

The lender has also cut its five-year fixed first and second charge and buy-to-let products. Five-year fixed mortgage rates have fallen from 8.75 per cent to 8.45 per cent for first charge at 65 per cent LTV and from 9.35 per cent to 8.65 per cent at the same LTV tier for second charge.

It added that rates had been reduced by the same amount for Together’s standard and second charge buy-to-let products.

Ryan Etchells, director of products and distribution at Together, said: “We’re delighted to be able to relaunch our two-year fixed rate products to support intermediaries and their clients in an ever-changing market.

“The uncertainty during a challenging period immediately after the mini Budget has now subsided, giving us the confidence to reintroduce Together’s two-year fixed rate mortgages. In addition, we’ve lowered rates on the five-year fixed products we brought back to market in October.”

He added: “We always apply our common-sense approach to lending – whether to businesses or individuals – and a flexibility which takes into account clients’ individual circumstances, to provide the right finance to realise their ambitions.”

Selina Finance launches homeowner loan and minor adverse products

Selina Finance has brought out a homeowner loan product and status one adverse plan alongside its current flexible home equity line of credit loan (HELOC).

The homeowner loan is a traditional secured loan and is subject to the lenders “straightforward lending criteria”. It is an online, paperless application process.

Loans are available on two and five-year fixed rates with a maximum loan to value of 85 per cent.

Variable rates start at the base rate plus five per cent and fixed rates are available from 10 per cent.

The status one plan is available exclusively on the homeowner loan and has a maximum loan size of £250,000 and an LTV of 75 per cent.

It allows one element of minor adverse conduct, such as one missed payment on secured debt, two missed payments in 12 months on unsecured arrears and one unsatisfied County Court Judgment of more than £500 over the last 24 months.

Variable rates for this iteration of the homeowner loan start from the base rate plus 6.5 per cent and fixed rates begin from 11.5 per cent.

Darvish Heshejin, vice president of growth at Selina Finance, said: “Selina has come a long way since we launched our regulated second charge lending proposition in 2021.

He added: “We’ve also invested heavily in our operations – processes enhancement, workflow management, and increased headcount in underwriting. There’s a significant amount of tech and automation initiatives on our roadmap, which will further improve the broker and customer experience and cement our ability to provide consistently high levels of service and speed.”