Finding the right financial partner can be a challenge, especially when your circumstances don’t fit the rigid boxes of traditional high-street banks. Together Money is a specialist lender in the United Kingdom that has built a reputation for its “common sense” approach to lending. Whether you are looking to buy your first home, invest in property, or secure a loan against your existing equity, understanding how this lender operates can help you make an informed decision.
This guide provides a comprehensive overview of the various loan and mortgage products available through Together Money. We will explore the application process, eligibility requirements, and the specific types of finance they offer to help you determine if they are the right fit for your financial needs.
What Makes Together Money Different?
Unlike many major banks that rely almost exclusively on automated credit scoring systems, Together Money utilizes manual underwriting. This means a human being reviews your application, looking at the full context of your financial situation rather than just a single number. This approach is particularly beneficial for individuals with complex incomes, such as the self-employed, or those with less-than-perfect credit histories.
The company focuses on secured lending, which means the loans are tied to a piece of property. By using property as security, they can often offer larger sums or more flexible terms than unsecured personal loan providers. They cater to a wide range of customers, from residential homebuyers to professional property developers.
Residential Mortgage Solutions
For many, the path to homeownership is not a straight line. Together Money offers several residential mortgage products designed to help people who might be turned away elsewhere. Their residential offerings are built around flexibility and understanding unique personal circumstances.
First-Time Buyers and Home Movers
If you are struggling to get a mortgage because of a small deposit, a recent change in jobs, or a previous credit blip, specialist lenders can offer a lifeline. Together Money considers applications from people with various income sources, including bonuses, overtime, and certain types of benefits. This inclusive approach helps more people step onto or move up the property ladder.
Right to Buy and Shared Ownership
Together Money is a prominent supporter of government schemes like Right to Buy, which allows council tenants to purchase their homes at a discount. They also provide financing for Shared Ownership properties, where you buy a portion of a home and pay rent on the remainder. These schemes are vital for making housing more affordable, and having a lender that understands the paperwork involved is a significant advantage.
Self-Employed Mortgages
Being your own boss is rewarding, but it can make getting a mortgage difficult. Many lenders require three years of audited accounts, which isn’t always possible for newer businesses. Together Money often considers applicants with shorter trading histories, sometimes looking at just one year of accounts or even using alternative evidence of income to assess affordability.
Secured Loans and Second Charge Mortgages
If you already own a home and need to borrow a significant amount of money, a secured loan (often called a second charge mortgage) might be an alternative to remortgaging. This allows you to keep your existing mortgage rate—which might be very low—while borrowing additional funds against your home’s equity.
- Debt Consolidation: Combining multiple high-interest debts into one monthly payment at a lower interest rate.
- Home Improvements: Financing major renovations like extensions, new kitchens, or loft conversions that add value to your property.
- Major Purchases: Funding significant life events or investments without disrupting your primary mortgage.
Because these loans are secured against your property, your home may be at risk if you do not keep up with repayments. It is essential to calculate the total cost of borrowing and ensure the monthly payments are sustainable for your budget.
Investment and Buy-to-Let Mortgages
For those looking to build a property portfolio, Together Money offers a range of Buy-to-Let (BTL) products. They cater to both accidental landlords and professional investors with multiple properties. Their BTL mortgages are available for standard houses, as well as more complex properties like Houses in Multiple Occupation (HMOs) and multi-unit blocks.
They also consider “non-standard” construction properties. If you are looking to buy a property made of timber, concrete, or other unusual materials, many banks will refuse to lend. Together Money’s specialist team is often able to provide financing where others see too much risk.
Specialist Finance: Bridging Loans
Sometimes you need money quickly to bridge a gap, such as when you want to buy a new house before your current one has sold. This is where bridging loans come in. These are short-term, interest-only loans designed to be repaid quickly, usually within 12 months.
Bridging loans are also popular for property auctions. When you buy at auction, you typically have only 28 days to complete the purchase. Traditional mortgages take much longer to process, but a bridging loan can be arranged in a matter of days, allowing you to secure the property before transitioning to a long-term mortgage later.
The Application Process Step-by-Step
Applying for a loan or mortgage with Together Money is a structured process designed to be as straightforward as possible. While you can often start the process online, you will likely speak with an advisor or work through a broker to finalize the details.
- Initial Inquiry: You provide basic details about your financial situation and the property involved. You can often get an “agreement in principle” at this stage.
- Detailed Application: You submit formal documentation, including proof of identity, proof of income (like payslips or tax returns), and bank statements.
- Property Valuation: The lender will commission a survey of the property to ensure it provides adequate security for the loan.
- Underwriting: A human underwriter reviews all the information, asks any clarifying questions, and makes a final lending decision.
- Offer and Completion: Once approved, you receive a formal offer. After the legal work is completed by solicitors, the funds are released.
Eligibility and Requirements
While Together Money is more flexible than many lenders, they still have strict criteria to ensure responsible lending. To be eligible, you generally need to be a UK resident and at least 18 years old. The most important factor is the security—the property itself must meet their standards and have sufficient equity.
They will also conduct an affordability assessment. This looks at your monthly income versus your outgoings to ensure you can comfortably afford the loan repayments. Even if you have a poor credit score, showing a stable current income and a clear plan for repayment will significantly improve your chances of approval.
Pros and Cons of Specialist Lending
Before committing to a specialist lender, it is helpful to weigh the advantages and disadvantages. This ensures you are making the best choice for your long-term financial health.
Advantages
- High Flexibility: They can help when banks say no, especially for unique properties or complex incomes.
- Speed: Specialist lenders are often faster at processing applications, particularly for bridging finance.
- Personal Touch: Manual underwriting allows for a more nuanced understanding of your situation.
Disadvantages
- Higher Interest Rates: Because they take on more risk than high-street banks, their interest rates are typically higher.
- Fees: There may be arrangement fees, valuation fees, and legal costs that can add up.
- Secured Risk: Since their products are secured, your property is always at risk if you default on the loan.
Conclusion
Together Money serves a vital role in the financial market by providing options for those who fall outside the narrow criteria of traditional lenders. From residential mortgages for the self-employed to fast-acting bridging loans for investors, their flexible approach can unlock opportunities that might otherwise be unavailable. However, because specialist finance often comes with higher costs and involves securing debt against your home, it is important to review all terms carefully and consult with a financial advisor if you are unsure.
If you are interested in exploring more ways to manage your finances or want to learn about different types of property investment, there are many resources available to help you navigate the complexities of the modern lending landscape.