Specialist lender Together has increased its maximum mortgage loan amount to £1m to enable more investors to invest in property in light of rising house prices.
The new maximum loan size will be available for purchase and remortgage, as well as right-to-buy applications, with a loan-to-value (LTV) of up to 50%.
The increase will allow the lender to offer its specialist services to a wider range of property investors, serving those that may not be able to secure the funding they require from a mainstream bank.
Pete Ball, chief executive of personal finance at Together, commented: “At Together we’ve always recognised that the need for specialist finance is diverse and we constantly review our products to ensure we’re meeting customer needs. That’s why we’ve decided to increase our maximum loan size for personal mortgages, as we were seeing demand for bigger loans, in line with the current housing market, alongside an expanding customer base.
“Our recent customer insight data shows that our main three customer groups are high-income professionals, older working families, and those on the road to retirement, and they may turn to specialist finance providers for a variety of reasons. “It could be that they are self-employed, or it could be about the property, which may not fit the ‘standard’ classification.
“What this goes to show is that the demand for specialist finance is growing and we’re adapting our products to suit a broader demographic, in recognition of that.”
Together has also increased its maximum loan amount for purchases up to 75% LTV from £200,000 to £250,000, increased its maximum loan size for purchases and remortgages from £250,000 to £500,000.