Together Bridging Loans 

 

Together Money is a specialist lending firm based in Cheadle, Manchester, specialising in bridging finance, short-term finance, second mortgages, first mortgages, and commercial finance.

They have been trading for 50 years, and most of their business is introduced by a network of specialist mortgage brokers in the UK.

 

What Is A Together Bridging Loan?

 

Together Money is recognised as one of the leading lenders in the UK for bridging finance.

They operate in both the regulated and unregulated sectors of the bridging market. The below highlights the differences between the two types of lending:

A regulated bridging loan is a short-term loan used to “bridge the gap” between buying and selling residential property. You might have found a new property to live in but haven’t sold your current property. Subject to the amount of equity in your home, the lender will lend you the money to purchase the new property on the basis that you will repay it once you have sold your current property.

A regulated bridging loan is generally for 12 months, at which point the loan should be repaid in full. If you repay the loan earlier, any interest added for the remainder of the term is returned to you. 

In this situation, you are not permitted to make any monthly repayments. 

• An unregulated bridging loan is used to buy a property you will not live in. For example, you purchase, renovate, and sell the property for a profit.

Again, the usual term of an unregulated bridging loan is 12 months; however, there can be occasions where the lender extends the period to 18 or 24 months.

With all bridging loans, the lender will want to know how you will repay the loan or the “exit strategy.” The exit strategy must be realistic because you could be charged a penalty fee if you do not repay the loan within 12 months.

The most common exit strategy is to sell the property the lender holds as security. Another approach is to sell another property, for example, a buy-to-let property you own.

Together bridging loans do not require a minimum credit score. The lender will assess applications on individual circumstances. Your application is more robust if you have previous experience buying, developing, and selling properties. 

Although not essential, a clean credit history is helpful as this demonstrates that you historically have kept to your credit arrangements with lenders.

If you’ve had the odd credit blip, any lender might increase the monthly interest rate to cover the potential higher risk. With all bridging lenders, including Together Money bridging loans, you must ensure your loan is repaid within the agreed period, typically 12 months. If the loan is not repaid, the lender may take possession of the property since you have used it as security, ultimately making you homeless.

 

 

How Much Can I Borrow With A Together Bridging Loan?

 

Together Money will consider bridging loans up to and over £1 million.

While most lenders have published criteria, larger loans are generally considered on their own merits. Concerning the maximum loan-to-value ratio (LTV), Together currently lends up to 75% of the LTV.

Ultimately, the amount you can raise with a Together Money bridging loan will depend on the valuation report. If the area where the security is located is considered deprived or less affluent or the property needs to be in better condition, then they will look to reduce the LTV they are prepared to lend to.

They are prepared to lend on various properties, including residential, semi-commercial, commercial, and mixed-use properties.

 

How Quickly Can I Get A Together Bridging Loan?

 

The speed at which you can obtain a bridging loan depends on several factors, including:

• The appetite of the lender to write business at the time you want the loan. Some smaller lenders might have a small funding line, meaning they are only prepared to consider robust applications. 

• An in-house valuation team. Together Finance bridging loans have valuers based in their offices, meaning that any valuation queries can be addressed quickly, allowing the application to proceed promptly to pay out.

• Solicitors that specialise in bridging finance. Together have in-house solicitors who solely work on bridging applications. Their expertise in this field means that problems can be dealt with quickly.

• The strength of your exit strategy. Any lender will be looking for a solid plan for you to pay off the bridging loan. It might be that you can find another lender for longer-term financing. You must be confident that you can repay the loan within 12 months.

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How To Get A Together Bridging Loan?

 

Together are considered one of the leading bridging lenders in the UK, and as a result, any broker that works for you should be aware of their offering. Your broker typically works with a Together Business Development Manager (BDM), who they can call anytime to discuss applications.

Together also attend many industry events, such as the Mortgage Business Expo that mortgage specialists attend. This allows the lender to answer common questions and discuss their products face-to-face in more detail so that mortgage brokers have a good understanding of the Together brand. In addition, Together has won many industry awards, including Mortgage Introducer 2023 Bridging Lender of the Year and Moneyfacts 2023 Best Bridging Finance Provider.