Together revamps commercial short-term loans
Together has refreshed its unregulated short-term loan range by removing fees and lowering rates to help more people looking to buy investment properties.
The specialist lender has removed exit fees for unregulated bridging loans over £50,000, while making its lowest ever rate of 0.49% available over 12 months at 50% loan-to-value.
It has also cut the cost of borrowing across its new tiered pricing structure with rates beginning at 0.59% for short-term loans at 55% LTV, 0.64% at 60%, 0.74% at 70% and 0.84% at 75%.
Marc Goldberg (pictured), commercial chief executive at Together, said: “We are rightly recognised as a market leader in the bridging finance sector, and have won many industry awards because of our experience and knowledge of the market.
“In the past few years a number of new lenders have started operating in the bridging sector and, while we welcome this competition, we want to ensure we keep at the forefront of this very competitive market by providing some of the best short-term products available for residential purchases.
“We believe our latest product refresh will mean we will lead us helping even more customers to get the best outcomes from their property investments.”
The updated products will be made available to residential property investors and landlords in England, Wales and Scotland, with loans of up to £2m.
Meanwhile, investors purchasing at auction can get a free Decision in Principle (DIP) so they will be able to find out exactly what they can afford to borrow, with a quote online over the phone or in the auction room before they bid.
Goldberg added: “We’re excited to be able to offer this new service direct to customers and through our auction partners to support landlords and investors.
“It’s free and takes less than five minutes to complete, without affecting a customer’s credit profile.
“If we can provide the finance they need, we will inform the customer straight away, with a summary of the loan online, to give them the confidence that short-term funding is in place for them to snap up their chosen property.”