Together Money Secured Loans

Together Money eligibility and income criteria

Together Money is notable for accepting income types that mainstream lenders reject. Self-employed applicants can apply with only 1 year of accounts (versus the 2-year industry standard), contractors can use day-rate calculations, and — critically — Together accepts Universal Credit, PIP, DLA and child tax credits as primary or supplementary income. Housing Benefit is assessable where the borrower is on a long-term award. Pension income, annuity income and drawdown pensions are all accepted in full.

Minimum age is 21, maximum age at end of term is 85 — the highest in the specialist second charge market. This makes Together a go-to for later life borrowers who want to release equity without taking equity release. Minimum income is £10,000 for sole applicants and £15,000 joint, both the lowest thresholds in the market.

Adverse credit is accepted within a tiered framework similar to Pepper Money. Satisfied CCJs older than 24 months are ignored for most loan sizes under £50,000. Active Debt Management Plans are accepted subject to full plan disclosure. IVAs must be discharged or have a minimum 12 months of clean conduct. Undischarged bankruptcy is declined. Unlike Pepper Money, Together will lend on ex-local authority flats above the 4th floor, properties with spray-foam insulation and properties above takeaway shops — subject to a full internal valuation.

Together Money rate ranges and a worked example

Together publishes rates openly on its website, a transparency the broker-only competitors do not offer. At time of writing, clean credit residential second charges start at 8.49% APR up to 65% LTV, rising to 11.99% at 75% LTV. Near prime rates run 10.49% to 13.99%. Heavy adverse cases (recent CCJ, active DMP) price between 14.99% and 18.99%. Buy-to-let second charges are a separate rate card starting at 9.49%.

Worked example: £50,000 second charge over 15 years at 11.49% APR fixed for 5 years. Monthly repayment is approximately £583.23. Total repayment over the 15 years, assuming the reversion rate remains at 11.49% throughout (it almost certainly won’t — it will vary with base rate), is £104,982. Total interest cost: £54,982. This example excludes the Together completion fee (typically 2% of advance, added to loan) and any broker fee.

Together operates tiered early repayment charges: 5% in year 1, 4% in year 2, 3% in year 3, 2% in year 4, 1% in year 5, nil thereafter. Overpayments up to 10% of the outstanding balance per year are permitted without ERC. The product fee is typically added to the loan rather than paid upfront, meaning you pay interest on the fee over the full term — on a £50,000 advance with a £1,000 fee at 11.49% over 15 years, that fee costs you an extra £812 in interest versus paying it upfront.

Together Money application process

Together offers two application routes. The direct route starts with a phone call or online enquiry to the Cheadle contact centre, where a direct consultant (FCA-qualified) conducts the fact-find and submits the case in-house. The broker route follows the standard industry path — fact-find via broker, soft search, DIP, full submission. Rates and fees are identical on both channels, but direct applicants avoid broker fees — a saving of typically 8% to 10% of the net advance.

After DIP acceptance, Together instructs a valuation. For loans under £100,000 on standard construction, an AVM is usually sufficient. Above that threshold or for non-standard properties, a full internal survey by a RICS surveyor is required — cost is typically £300 to £600 depending on property value, payable upfront. Together will rebate the valuation fee on completion for loans above £150,000 as a customer incentive.

Legal work is handled by a Together-appointed solicitor at no cost to the borrower for most residential cases — this is an unusual feature and worth £400 to £800. First lender consent is sought by the solicitor via a Deed of Postponement; Together accepts first lender refusals in limited circumstances. Total timeline from enquiry to funds: typically 3 to 5 weeks for direct applications, 4 to 6 weeks for broker cases.

Together Money vs Pepper Money vs Shawbrook

Together Money, Pepper Money and Shawbrook represent three different points on the specialist second charge spectrum. Together is the broadest on property and income criteria, Pepper Money is the most accommodating of recent adverse credit, and Shawbrook offers the sharpest rates for clean and near-prime borrowers with standard properties.

For a 68-year-old homeowner on pension income with an ex-council high-rise flat, Together is effectively the only option. For a 40-year-old PAYE employee with a clean credit file and a standard semi-detached in the Midlands, Shawbrook will almost certainly beat Together on rate. Use Together when its flexibility is needed; use cheaper lenders when it is not.

Regulatory framework and consumer protections

Together Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority under firm reference 305253, covering consumer credit, second charge mortgages, first charge mortgages and buy-to-let. Together is not a deposit-taking bank and is therefore not under Prudential Regulation Authority supervision — its prudential capital requirements are set by the FCA under IFPR (Investment Firm Prudential Regime) alongside its own wholesale bond covenants.

Consumer protections are identical to those offered by banks for second charge mortgage products: an ESIS illustration must be provided before signing, a 7-day reflection period applies, full affordability assessment under MCOB 11 is mandatory, and the Consumer Duty (in force since July 2023) imposes obligations on Together to demonstrate fair value and good customer outcomes throughout the product lifecycle.

Complaints not resolved within 8 weeks can be escalated to the Financial Ombudsman Service, whose awards up to £430,000 bind Together. FOS publishes Together’s complaint statistics twice yearly — in H1 2024 Together’s uphold rate was approximately 30%, in line with specialist peers. Together is not covered by the Financial Services Compensation Scheme as a deposit-taker, but FSCS does cover the advisory element if the sale was made by an advised broker whose firm fails — a technical distinction worth understanding.

Debt consolidation, home improvements and capital raising

Roughly 55% of Together Money second charge applications are for debt consolidation, 25% for home improvements, 10% for business injection, and 10% for miscellaneous (school fees, gifted deposits, buying out a divorcing spouse). Together’s flexibility on income and property makes it particularly popular for debt consolidation from customers refused elsewhere — borrowers with active DMPs, contractor day-rate income or unusual properties.

Home improvement lending through Together is typically released in a single lump sum rather than in staged payments, meaning you can budget, pay contractors and retain any surplus for contingency. Together does not require quotes in advance (unlike some competitor home improvement products) but reserves the right to ask for evidence of works completed if the property is re-valued within 2 years of completion.

Capital raising for business purposes via a residential second charge is technically regulated as a consumer credit transaction if the primary purpose is non-business. Together requires a signed declaration if more than 50% of the loan is for business use, in which case the loan becomes unregulated and ESIS does not apply — you lose the cooling-off period and some MCOB protections. Always take independent legal and tax advice before using residential secured funds for business purposes; the risk profile changes materially.

Common mistakes with Together Money applications

Mistake one: going direct to Together when a broker would add value. The direct channel is cheaper (no broker fee) but many borrowers have cases that would benefit from broker scrutiny across multiple lenders. If you are clean credit and a standard property, direct saves money; if you have any adverse, complex income or a non-standard property, a broker with access to 15+ specialist lenders will usually secure a better overall deal including fees.

Mistake two: underestimating the Together product fee. Together’s completion fees are typically 2% of the advance — higher than Pepper (1.5%) and Shawbrook (1%). On a £50,000 loan, that’s £1,000 extra. Added to loan, this costs £812 in interest over 15 years. Factor this into any lender comparison — the APRC figure on the ESIS includes it, but borrowers often anchor on headline rate and ignore APRC.

Mistake three: assuming Together will accept any property. Even Together has limits — properties with active subsidence, short leases below 60 years remaining, non-standard construction without a satisfactory RICS valuation, and properties subject to outstanding enforcement notices are all declined. If your property has any history, disclose it early so the broker or direct consultant can pre-empt decline. A 15-minute property disclosure conversation saves weeks of wasted valuation time.

Alternatives to a Together Money secured loan

If you are applying to Together because your income is benefits-based, consider whether a lifetime mortgage (equity release) from Aviva, LV= or Canada Life might be more appropriate if you are over 55. Lifetime mortgages have no monthly payment obligations (interest rolls up), so affordability is not tested — which can be preferable if your income is tight. The trade-off is that compound interest can consume the property’s equity rapidly; take independent Equity Release Council-authorised advice.

If you are applying because of property type (e.g. ex-LA high-rise), check whether a first charge remortgage with Kent Reliance, Vida Homeloans or Bluestone Mortgages is viable. These lenders often accept the same property types as Together at first charge rates 2% to 4% lower than second charge rates — if your first mortgage is on its standard variable rate or close to ERC expiry, switching may be cheaper.

If you are applying because of later life age, retirement interest-only (RIO) mortgages from Leeds Building Society, Hodge Bank or LiveMore can fund retirement capital needs at first charge rates of around 6% — materially cheaper than a Together second charge at 11%. The catch is affordability must be evidenced from pension income alone, and minimum age is typically 55. Compare all three routes before signing with Together.