Together brings out second charge regulated bridge product

In a note the brokers, the lender said that the product came from partners’ feedback.

The lender said that deals up to 70 per cent loan to value (LTV) were available and that there were no monthly payments, no early repayment charges (ERC) and a minimum loan size of £50,000 applied.

The firm said that it was available for a range of non-standard properties.

The lender said rates were available from 1.05 per cent at 50 per cent LTV, 1.1 per cent at 60 per cent LTV and 1.15 per cent at 70 per cent LTV.

Together said that a second charge regulated bridge could be used to “raise funds on a second charge to help fund a new residential purchase or chain break” or to “raise funds for home improvements before sale, optimising the enhanced property value”.

It said that for home improvements where the exit is a sale it would give four weeks for work to be carried out before the property is marketed.

Together said that a customer would need an estate agents’ letter to confirm it would marketed once the work was done.