Remortgaging From Together Money

Why People Remortgage From Together Money

Together Money customers frequently explore remortgaging for these reasons:

• Transitioning from bridging finance — borrowers who used Together for a bridging loan and then moved to their term mortgage may now qualify for mainstream rates
• Expensive SVR — Together's revert rate can sit above 9%, adding hundreds of pounds to monthly payments unnecessarily
• Non-standard property accepted elsewhere — if your property was difficult to mortgage initially, other lenders may now consider it as their criteria have evolved
• Credit repair — time heals many credit issues, and what was once an obstacle to mainstream lending may no longer be relevant

Together provided a solution when you needed flexibility. Now that your situation has stabilised, it makes sense to explore whether a more competitively priced mortgage is within reach.

Together Money Rates vs Mainstream Lenders

Together's pricing sits firmly in the specialist bracket. Their fixed rate products typically carry rates 2% to 4% above high street equivalents, and their SVR can exceed 9%.

On a £200,000 interest-only mortgage, the difference between Together's SVR of 9% and a mainstream rate of 4.5% would be approximately £750 per month. For capital repayment mortgages, the savings are slightly smaller but still very significant.

Together also tends to charge higher arrangement fees than mainstream lenders. When you factor in both the rate and fee savings, remortgaging away from Together can represent one of the largest financial improvements a homeowner can make.

How to Remortgage From Together Money

The remortgage process from Together Money follows standard steps, though there are some specific considerations:

• Confirm your redemption figure — request a formal redemption statement from Together, noting any ERCs or exit fees
• Address any second charges — if you have a Together second charge loan alongside a different first charge mortgage, the process may require consent from your first charge lender
• Check property valuations — if Together originally lent on a non-standard property, ensure your new lender will also accept it
• Apply through a broker — given the complexity that often accompanies Together loans, professional guidance is particularly valuable
• Complete the legal transfer — your solicitor redeems the Together mortgage and registers the new lender's charge

When Is the Right Time to Switch From Together Money

Several milestones can signal that it is time to leave Together Money:

Bridging loan conversion — if you originally took a Together bridging loan and converted to a term mortgage, you may have accepted a high rate as a temporary measure. Once the dust has settled on your purchase or renovation, explore cheaper long-term options.

Property improvements completed — if Together funded a property that needed work, the completed improvements may now make it acceptable to mainstream lenders who previously declined it.

Six years since credit issues — the standard period for adverse credit entries to fall off your file. Once clear, your borrowing options expand dramatically.

End of your fixed rate — as with any mortgage, the expiry of your initial deal is a natural point to review and switch if better options exist.

Why Using a Broker Helps When Leaving Together

Together Money often serves borrowers with complex circumstances, and leaving that kind of arrangement requires a broker who understands the intricacies involved.

If your Together mortgage involves a non-standard property, mixed-use premises or an unusual tenure arrangement, not all mainstream lenders will be suitable. A broker can filter the market to identify lenders whose criteria match your specific property and personal circumstances.

Additionally, if you originally came to Together through a bridging route or have second charge lending in place, the remortgage process may involve additional steps. An experienced broker will anticipate and manage these complexities, ensuring the transition is as smooth as possible.