Any legal purpose is accepted however this must be clearly detailed on the application/enquiry form on day 1 as the purpose may affect the terms and conditions applied to the loan. Should Together establish at any stage that the incorrect documentation has been issued, we will request that the correct documentation be issued and the relevant regulation be applied.
For regulated bridging applications consolidation of unsecured credit and consolidation of CCJs and defaults is not accepted.
Business Purpose Loans
A secured loan application for business purposes will be treated as a regulated mortgage contract in the following circumstances:
The loan amount is greater than £25,000 and
there is only one security being used and any element of personal lending;
the application contains multiple securities and 50% or less of the loan amount is being used for business purposes
the application is for a bridging loan and 50% or less of the loan amount is being used for business purposes
All other secured loans taken for business purposes will be treated as unregulated.