Below is an update from Together, the Bridging and Commercial Mortgage lender, that you can access via our bridging and commercial mortgage team. Contact our team today for more information or click here to view their product cards.
Announcement
Introducing stress testing on our Commercial Term loans & holiday lets
From 31st October, we’ll be introducing a 1% stress to the interest rate of Commercial Term loans and holiday lets, this is being introduced to support your customers through the current uncertain climate.
What’s changed?
We’re introducing a standalone affordability calculator for our Total Secured Debt to Income (TSDI) products.
What do I need to do?
From 31st October you’ll need to use the affordability calculator to assess your customers Total Secured Debt to Income (TSDI), including the 1% stress.
If the property is currently rented (or is projected to be) we’ve included this in the calculator too.
What happens next?
Once you’ve assessed your customers’ affordability using the calculator, you then upload the usual proof of income requirements with the case, which may include:
- Two SA302’s
- Accountant’s certificate
- Any rental agreements
This will apply to any new commercial term or holiday let submissions from 31st October.