Following your feedback, we have been working with our credit risk team on ways we can enhance our criteria to improve the application journey for your customers.
Enhancements to our Independent Legal Advice criteria
With immediate effect, the maximum gross loan size prior to ILA being mandatory has increased from £200k to £500k for all term mortgages in Together Personal Finance.
The following are scenarios where ILA continues to be required:
- Applicant(s) aged 70 years or older.
- Non English speaking customers
- Joint applications where only one applicant is benefitting from the loan advance
- Parent and child borrowers
- Divorced/separated couples
- Occasional scenarios where the underwriter believes it’s important
We continue to work through further enhancements in line with wider feedback received from our partners, and welcome you to keep raising your suggestions as your feedback is beneficial in helping us to deliver positive change.
Changes to THMR (reversionary rate at the end of the fixed rate period)
Our THMR rate has increased from 7.75% to 8.25% today. I have attached an updated copy of our product plan in line with this change.
Please note, for affordability purposes we will continue to use the THMR as at the quote date.
- Affordability uses THMR as at quote day
- Mortgage Illustration and Offer uses the current rate at the point of document generation
We are here to help realise your customers property ambitions together, so please do not hesitate to get in touch with any questions you may have.
Helpful Link for any questions on Policy
https://togethermoney.com/intermediaries/lending-criteria/personal-finance-lending-criteria