Together has launched second charge products with rates starting from 5.34% to 70% loan-to-value, its lowest to date.
The product is for loans between £25,000 to £1m to a maximum LTV of 77.5%.
Richard Tugwell (pictured), group intermediary relationship director said: “The second charge market has evolved over the past few years to bring it more in line with first charge mortgages, and making secured loan products attractive to borrowers.
“We are finding that people with good credit histories are looking for second charge loans and we’re delighted to launch this new, limited edition product in response to their needs.”
Together’s second charge mortgage product can be used for standard and ‘non-standard’ properties, which could include apartments on the sixth floor or above or conversions, for example.
Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people, and those on benefits, as well as those in full-time employment, may also fit the lender’s criteria, subject to an affordability assessment.
Borrowers with no CCJs or secured loans arrears in the past 12 months (one in the past 36 months) will be able to access the new product. It is available to clients who have missed a maximum of two unsecured loan payments in 24 months and none in the past six months.
The latest release follows the launch of Together’s lowest ever first charge residential mortgage rate of 3.59% last month.