Together Money

With more than 40 years’ experience in dynamic, flexible and proactive financial services, Together Money is an award-winning lender of a different kind. Focusing on alternative, innovative financial services for businesses and private customers alike, Together Money is a recognised leader in the field of specialist lending.

Financial Services Offered by Together Money

  • Mortgages
  • Remortgaging
  • Right-to-Buy
  • Self-employed
  • Shared ownership
  • Non-standard construction
  • Consumer Buy-to-Let
  • Secured loans
  • Debt consolidation
  • Home improvement
  • Business purpose
  • Bridging loans
  • Chain break
  • Capital release

Bridging Loans from Together Money

A bridging loan is normally used for property transactions. A bridging loan from Together Money is a specialist borrowing product that is designed to help those who are moving home and who want to buy a brand-new house whilst their existing house is waiting to be sold. When equity is tied up in an existing mortgage, a bridging loan may be appropriate to fund a property purchase. A bridging loan can be especially helpful for developers, people purchasing a property at auction and property managers.

Home-movers may wish to use Together Money bridging finance to avoid getting trapped in a property chain so that they can buy a new home while waiting for a mortgage. However, it’s essential you remember that obtaining bridging finance doesn’t assure you’ll get a mortgage in the future.

How Does Together Money Bridging Finance Compare to a Regular Loan?

Theoretically, they differ because a bridging loan is for short-term purposes only, whereas other loans usually have a much broader purpose. Additionally, the speed of getting the cash in your account is the major difference between these two loan products. It can take weeks for some lenders such as RBS, Yorkshire Bank or the Halifax to complete a long-term loan, but a bridging loan can be obtained in twenty-four to forty-eight hours.

How much will your bridging loan cost?

Adding up fees, the interest and the loan amount ought to give you an accurate number.

But how high are bridging loan interest rates? And what factors affect how much interest you’ll pay?

  • Repayment terms – If you’ve applied for a closed bridging loan and you have set a concrete date for repayment, the term of your loan will affect the interest rate you pay – with longer loans subject to higher rates of interest.
  • Loan size – Bigger loans tend to come with higher rates of interest due to the fact they pose a bigger risk to the bridging loan lender.
  • Closed bridging loans vs. Open bridging loans – Closed bridging loans have the completion date set in stone, which lowers risk and reduces the interest rate, while open bridging loans do not have to be repaid before a set date.
  • Property value – The value of your security will also affect the interest applied to your loan. Once again, the more risk a lender faces, the higher the interest is going to be.

Applying for Bridging Finance

The very first step in getting bridging finance from a lender such as Together Money is to input some basic details about yourself; the property used as security, your name and the type of bridge loan you want, into our online loan application form. As soon as you’ve sent your online application for bridging finance we will be in touch for any further details that are required to process your application.

Bridging Loan Calculator

Our calculator is straightforward to use and has been designed to show interest charges and various other costs associated with a bridging loan. There are many bridging loan providers who all charge a range of interest rates together with a range of other costs. These additional costs vary making it impossible to provide an online bridging finance quoting system that’s able to give quotes for all scenarios. A bridging finance calculator is designed as a guide only. It is, however, based on the most popular bridging plans at the time of writing.

Charges

In addition to the rate of interest, you’ll also be paying a collection of different charges when you apply for a bridging loan, consisting of some or all of the following:

  • Exit fee: This is usually around 1% of the loan should you repay it early; not every loan provider will charge an exit fee.
  • Repayment fee: The cost of the paperwork at the end of the loan’s term.
  • Arrangement fee: The expense of setting up the bridging finance, roughly 1-2% of the loan.
  • Introducer or broker fees: If you use a broker, this pays for the broker’s work searching for a loan.
  • Legal costs: This pays the solicitor and legal fees of the loan provider, normally legal fees tend to be charged at a set rate.
  • Valuation fees: Valuation fees cover the property surveyor’s costs for performing a valuation of your property.

Commercial Loans from Together Money

A commercial loan is normally used to cover the operational costs that a company may otherwise be unable to afford or fund.

When Are Commercial Loans Useful?

Commercial loans are popular for a whole variety of different business scenarios including:

  • Turnarounds and pre-packs
  • International expansion
  • Management buy-outs
  • Funding a new contract

Loan Calculator

There are several loan calculators available that have been created in order to assist you in finding the ideal loan based on your individual circumstances.

An online loan calculator can be used to determine the cost of the following loans:

  • Secured Loans
  • Personal Loans
  • Home Loans
  • Unsecured Loans
  • Business Loans

Always keep in mind that a loan calculator gives you a rough idea of your eligibility for a loan and the costs which are associated with it. Online loan calculators cannot guarantee your application will be accepted.

Help-to-Buy Loans from Together Money

Help to Buy Loans are made to help people buy a new home without having to put down a big down payment or to help first-time buyers to get on to the property ladder.

Help to Buy Explained

The Help to Buy scheme has is made up of three main parts:

* London Help to Buy

* Help to Buy ISAs

* Help to Buy equity loans

The Help to Buy scheme: Do I qualify?

To be eligible for Help to Buy, you must:

  • Be looking to buy a property worth under £600,000. (However, for Help to Buy ISAs, different limits apply)
  • Have a deposit of at least 5%
  • Be purchasing a property you intend to live in the majority of the time (i.e. not a property you intend to let out or use as a second home)

Help to Buy Equity Loans Explained

Help to Buy equity loans are amongst the most popular routes into home ownership and are available to people who want to buy a new-build property.

A Help to Buy equity loan works like this:

  • You put down a deposit of at least 5%
  • The government lends you up to 20% of how much the property is worth valued at as an equity loan
  • You get a mortgage on the remainder of the property’s value

Homeowner Loans from Together Money

A homeowner loan is only offered to people that already have a mortgage. Homeowner loans are sometimes referred to as a secured loan because the debt is secured against an asset, which can then be repossessed should payments not be made. This reduces the risk to the loan provider, which may result in preferential interest rates, but this also presents a huge risk to the borrower who might lose their house if payments have defaulted.

How Much Can I Borrow?

The amount you’re able to borrow varies between loan providers; however, a homeowner loan is generally up to £500,000 or above. Homeowner loan providers feel a lot more confident when granting loans to borrowers who are prepared to secure the credit.

How Long Do I Have to Settle My Homeowner Loan?

Due to a large amount of credit associated with a homeowner loan, the repayment period can span up to thirty years. This long-term can mean that borrowers will benefit from much lower monthly interest rates, although be mindful that more interest will be paid overall in relation to the extensiveness of the repayment period.

Can a Homeowner Loan Be Paid back Early?

There’s the opportunity to pay off a homeowner loan before its due date, however doing so might incur a charge for early settlement, which will be added to the balance when a settlement figure has been requested.

Career Development Loans from Together Money

A great way to climb up the corporate ladder is by enhancing your CV with a postgraduate degree; however, this can be quite expensive.

A Career Development Loan is designed to provide postgraduate students with assistance during their studies and they come with a much more attractive rate of interest than other mass market loans.

CDL or PCDL (Professional Career Development Loans) is where the Government pay the interest throughout the length of the course. While you are studying, this means you aren’t accumulating any unnecessary debt. The reason that a Career Development Loan is more desirable than a bank loan is that the Learning and Skills Council pays the interest on the loan during your studies. You can borrow up to ten thousand pounds, although the amount you’ll be restricted to is always limited to 80% of your expenses, living costs, and course fees.

Commercial Mortgages from Together Money

Generally, commercial mortgages take over where business loans finish. Business loans up to £25,000 are unsecured, but for larger amounts, lenders need security to reduce the risk. As a result of the administrative and legal costs of using the commercial property as a security for a loan, it is often seen as uneconomical to borrow anything under £50,000 this way.

What Can Be Used as Security?

Most lenders take the property you are buying as security for the loan, which generally equates to 70% of what the property is valued at, and request a down payment for the balance of the purchase price. If you do not have sufficient equity in a property, then you could give the loan provider extra security, which can be another property with substantial equity. This could also be a charge of other assets such as shares or an insurance policy.

How Much Can I Apply To Borrow?

You can normally expect a 70% to 75% mortgage for the owner-occupied property. If it’s a financial investment, then the amount you are allowed to apply for will be determined by the income generated by the investment, but this will seldom be more than 65% of the purchase price. If you’re purchasing a business that includes stock or goodwill, then the amount you’re able to apply for will be reduced further.

Mortgage Calculator

An online mortgage calculator is a good way of finding out how big a mortgage you’ll be able to apply for and how much your payments and interest charges are going to be. A mortgage calculator can be used for every sort of mortgage including buy to let mortgages and home mortgages.

How to Apply

While many of the financial products and services provided by Together Money can be applied for online, others require in-person meetings or telephone consultations. In any case, we can help you pinpoint and apply for the perfect product for your needs. Give a member of our customer support team a call today, or send us an email with an outline of your loan requirements.