Common sense
as standard, for every
non-standard case
–
Together – Common sense lending
What’s behind our
common sense
approach?
We have the experience, the people and the resources to
support you and your clients.
Our people:
550 colleagues
70 relationship managers
90 underwriting colleagues
Our experience:
£2bn
on our loan book
Almost 7,000
cases funded last year
32,000
customers provided with funding
Our products:
Residential mortgages
Commercial mortgages
Second charge mortgages
Buy-to-Let
Information correct as at May 2017.
Consumer Buy-to-Let
Auction finance
Bridging finance
Development funding
As one of the UK’s leading specialist
lenders, we’ve been applying common
sense to lending for 42 years.
We review client needs on a case
by case basis. That means looking
beyond mainstream lending criteria
and, instead, considering individual
circumstances.
When a case involves non-standard
property, purchase type, income
source or credit, or any combination
of these, we’re here to find a solution.
We even consider the more unusual
situations that clients occasionally
have to contend with.
If we can help, we will.
It’s simply the difference between
common practice and common sense
– and the following pages describe
how we do it.
Together – Common sense lending
Multiple scenarios,
one common
sense approach
There are four main reasons why mainstream
lenders may not be able to help: non-standard
purchase, property, income and credit.
Not only are we able to look at each of these
individually, we can also help when more
than one – or even all – of these non-standard
scenarios exist.
Non-standard
Purchase
Non-standard
Property
We’ll consider non-standard property types
including residential, semi-commercial,
commercial properties and land (with or
without planning permission or agricultural
restrictions). These could include shared
ownership, Right-to-Buy, unencumbered
properties, HMOs and properties bought
at auction.
We can help secure finance on many types
of residential and commercial property,
regardless of structure, usage, or valuation.
This includes non-standard materials such
as a concrete or timber frame, ex-council
houses and flats above the fifth floor. We’ll
also consider properties which are in poor
general condition on valuation and self-build
with a relevant building guarantee.
Non-standard
Income
Non-standard
Credit
We’re pleased to assess many types of
employment and income on their
individual merits. This includes employed,
self-employed, bonus and overtime, DWP
benefits, private pensions, sole traders,
zero hours contracts, partnerships and
limited companies. There is no minimum
income requirement and we’ll also
consider up to 100% of additional income.
We’re able to consider clients with a less
than perfect credit rating who may have
had difficulties in the past, including CCJs.
The only exceptions to this are cases where
bankruptcy, IVA and debt management plans
are involved.
Non-standard
purchase
These include shared ownership,
Right-to-Buy, unencumbered
properties, HMOs and properties
bought at auction.
Non-standard
credit
Non-standard
property
Including those with no
credit history or less than
perfect credit.
Including non-standard material
such as timber or concrete,
ex-council, high-rise or
maisonettes with any number
of floors, poor remarks
on valuation and self-build with
relevant building guarantee.
Non-standard
income
Including self-employed, state
and private pensions, benefits,
rental income, short term/zero
hours workers, employed with
bonus and overtime, gifted and
builder deposits.
Non-standard property
Together – Common sense lending
Five’s the
limit
Sky’s the
limit
Ask a mainstream lender to consider
an apartment above the fifth floor
and they may say no. This doesn’t
help when your clients want to buy a
sought-after city-centre apartment or
have their sights on the penthouse.
We have a non-standard view of
non-standard property, which
means we’re always happy to judge
each and every ‘storey’ on its own
merits. So, when your clients are
aiming high, we’re here to help you
get them there.
Non-standard property
Together – Common sense lending
Standard
semi
Special
structure
Most mainstream lenders prefer
standardised, brick-built dwellings.
They’re easier to value and fit their
lending criteria. We know, however,
that this isn’t everyone’s ideal property.
We think it makes more sense to
consider all sorts of homes built
from non-standard materials, from
thatched cottages to 1950s prefabs
with timber-framed, steel-framed
and even concrete constructions.
Non-standard income
Together – Common sense lending
Some
income
sources
Many
income
streams
Not everyone has just one source
of income. Your clients may also
have other income sources such
as rent, bonuses and overtime for
example. Mainstream lenders,
however, may only accept part
of this additional income.
We believe that one reliable income
stream is as good as another. That’s
why we can take up to 100% of your
clients’ additional income into account.
Non-standard income
Together – Common sense lending
Typical
age
Golden
age
Many high-street lenders prefer
clients in their 30s and 40s,
largely because they have plenty
of working years ahead in which to
pay off a mortgage. Not everyone
however, is in this situation.
We take a positive attitude to
retired clients, and to those nearing
retirement. After all, if they can
afford the repayments, it’s simply
common sense to consider them.
Non-standard credit
Together – Common sense lending
Perfect
world
Real
world
When it comes to a client’s
credit history, most mainstream
lenders insist on perfection.
We know, however, that this
won’t always be the case.
We believe that just because
someone has a less than perfect
credit history, it doesn’t mean
they should be excluded from
property ownership. So we’re
happy to consider every case on
its own merit.
Together – Common sense lending
Non-standard purchase
Rising
rent
Climbing
the ladder
In the current property market,
millions of people are forced
to rent. That’s largely because
it can take many years to save
up the sort of deposit that a
property purchase demands.
Shared ownership through a local
authority or housing association is
now a popular way for people to
get a foothold in property. So we
consider cases like these, even where
other non-standard conditions exist.
C A R D S ID E
T
S
O
P
N T H IS
EN O
DDR
THE A
W R IT
O BE
ESS T
T
Non-standard purchase
Together – Common sense lending
George and
Dragon
George and
Debbie
All sorts of buildings have the
potential to be re-developed into
profitable and viable homes and
business premises. So it’s odd that
many lenders call ‘time’ on a case
if it involves a change of use.
We understand that all sorts of
business premises can become perfect
homes and all sorts of buildings can
become amazing business premises.
All it takes is the vision and the
common sense to see the potential.
Non-standard income
Together – Common sense lending
Got
a job
Got
a business
Mainstream lenders may prefer
clients to be in conventional,
full-time employment. However,
not everyone is directly employed.
Our economy now includes millions
of sole traders, freelancers and zero
hours contract workers. So we’re
happy to lend to people with different
types of incomes.
Non-standard purchase
Together – Common sense lending
Home
to one
Home
to many
Houses of Multiple Occupancy can
offer a very stable income stream
for landlords, yet mainstream
lenders generally won’t mortgage
HMOs where other non-standard
conditions are present.
We understand that HMOs and
Buy-to-Let properties can represent
extremely profitable investments.
So we’re willing and able to
consider them, even where other
non-standard factors exist.
Together – Common sense lending
Computer
says “no”
Emma
says “yes”
Many people don’t fit into fixed,
mainstream lending criteria.
If their property, income, purchase
or credit is non-standard, the
computer will simply say “no.”
We favour a personal and personable
approach and consider each case on its
own merit. That’s why we ensure you
speak directly to someone who can
not only answer your questions, but
also work with you to find a solution.
Together – Common sense lending
How to get in touch:
who you need
to speak to
We have dedicated teams who can answer all of
your questions, at every stage of the process.
Pre-application
For pre-application queries, new business
enquiries or technical support with our online
application system, you can talk to our Broker
Relationship Team on 0161 933 7170 or email
us at [email protected]
During application
During the application process you can also talk
directly to the Underwriting Relationship Team
to discuss your case on 0161 933 7170 or email
us at underwritingrelationshipmanagers
@togethermoney.com.
Business Development Manager
Your dedicated Business Development Manager
will be able to answer questions throughout the
process. If you don’t know who that is, please
speak to the Broker Relationship Team.
We’re here to listen and achieve the best
possible outcome for your clients. Visit us at
togethermoney.com/intermediaries
or call 0161 933 7170
This information is intended for professional intermediary use only
and must not be distributed to potential clients.