Together introduces cross-charging on regulated bridging


Specialist lender Together has enhanced its regulated bridging product range with the introduction of cross-charging, which will enable homeowners to leverage any equity in their current property.

Customers will now have the ability to secure finance against two properties, with a remortgage on the new property now an accepted exit strategy, when alongside the sale of the existing property. Proceeds of inheritance and sale of property also remain accepted repayment strategies.

Following a successful pilot scheme, Together has also expanded its network of packagers to meet the growing demand for regulated bridging finance.

Gary Bailey, sales director at Together, said:

“We’ve made a number of changes to our criteria for regulated bridging loans, based on feedback from our broker partners.  The ability to cross-charge offers customers more flexibility, so that they can utilise equity in both their current and new property, which very much ties in with our common sense lending philosophy. In addition we’ll now accept remortgage as a repayment strategy when an additional security is being used – offering the customer a ‘part and part’ repayment strategy when combined with the sale of another property.

“We offer regulated bridging through our intermediaries and are now working with even more packagers, following our successful pilot programme. Applications are submitted via our online broker portal, with a new simplified user journey to ensure it’s quick and easy. Our aim is to ensure that our products are in line with customers’ needs and that we support our broker partners as much as possible, and take their feedback into account, which is what these changes are all about.”

As a specialist finance provider, Together can provide bridging loans for a range of property types including ex-council houses and high-rise flats, which some traditional lenders may not consider.

All Together’s bridging loans are “roll-up” products, meaning that no monthly payments are made – the customer simply repays the full amount of the loan, including any interest and fees that have accrued, by the end of the 12 month term.

Rates start from 0.65% a month, with loans from £10,000 to £1 million at up to 75% loan-to-value.