Together Money is a well-established UK-based lender that specialises in property finance. They offer personal and commercial mortgages, fixed-term commercial loans, buy-to-let mortgages, retail mortgages, bridging loans, and development finance.
As part of my comprehensive review of the lending space, I’ll explore how Together Money was founded, what type of loans it offers, and what customer reviews say about the brand.
Together Money Review: My Verdict
Together Money is a reputable company that’s been going for over 45 years and has helped over 100,000 customers. It has found a niche for itself, lending to people who don’t always fit the parameters set by traditional finance providers.
With a staff of almost 500 people, it is a major UK lender in the property sector with a wealth of excellent reviews on major platforms like Trustpilot.
It’s considered one of the most successful businesses in the northwest, with a loan book of more than £3.7 billion; it also boasts a wealth of industry awards.
Overall Together Money is a trustworthy brand, but only a portion of its loan offerings are authorised and regulated by the Financial Conduct Authority (FCA). In the UK, commercial loans remain unregulated, so it remains vital to check the terms and conditions of your loan documentation to ensure there are no surprises.
Who is Together Money?
Together Money, also known as simply “Together,” is a private financial services company based in the United Kingdom, based in Cheadle Royal Business Park, Manchester.
The company’s roots can be traced back to 1974 when its founder, Henry Moser, started a small car-selling business. From a humble beginning of lending £1,000 on a car worth £2,000, Together has since grown into a considerable organisation of 750 employees, with a loan book that tops £3.7 billion.
Henry Moser remains the Group CEO, still playing a vital role in providing strategic assistance to the senior management team. Over the years, Together has survived three recessions, won numerous awards, and has been featured in The Sunday Times Top Track 250 three times, as well as The Sunday Times 100 Best Companies To Work in 2018 and 2019. As of 2023, it’s celebrating its 45th anniversary with record-breaking results and a loan book growth of £3.7bn.
Together sets itself apart from traditional lenders by focusing on “common sense lending” and giving loans to customers who may not fit the traditional lenders’ strict parameters. With a high percentage of long-serving employees and robust graduate and apprenticeship programs, Together retains talent that understands the company’s culture and philosophy.
Together also prioritises charity work and the well-being of its staff, running various inclusion and wellbeing schemes. The company’s growth strategy remains stoic in the face of challenges like Brexit, with a commitment to supporting its customers through both good and bad economic times. The goal is steady, sustainable growth, always with an emphasis on customer needs and delivering long-term value.
Together continues to modernise and automate its systems to improve its customer service experience while staying true to the values set down by its founder 45 years ago. As a private company, Together is not constrained by short-term targets, which enables them to focus on creating long-term value for their customers and staff.
Together Money Financial Products
|Commercial Mortages||Buy-to-Let||Commercial Loans||Auction Finance||Corporate||Social Housing|
|Commercial Bridging Loans|
Right to Buy
Debt Consolidation Loans
Home Improvement Loans
Together Money Awards
Together Money has been recognised and awarded numerous times by its peers and prestigious industry organisations.
- The British Specialist Lending Award to Simon Baker-Smith: Underwriting (Recent)
- Business Moneyfacts Awards: Best Bridging Finance Provider (Recent)
- The British Specialist Lending Award to Marc Goldberg for Business Leader: Commercial Finance Lender (2022)
- Business Moneyfacts Award for Innovation in the SME Finance Sector (2022)
- Specialist Finance Introducer Winner Award for Specialist Finance Lender of the Year (2022)
- National Association of Commercial Finance Brokers Patron Award for Rising Star of the Year, Kara Williams (2021)
- Mortgage Introducers Award for Bridging Lender of the Year (2021)
- GlobalCapital European Securitisation Award (2019)
- The Sunday Times Award for Best Companies to Work For (2018)
- The Sunday Times Award for Top Track 250 (2018)
- Business and Continuity Award for the Best Use of Fintech (2017)
- Business and Continuity Award for Outstanding Contribution (2017)
- The British Specialist Lending Award to Marc Goldberg for Business Leader: Bridging Lender (2017)
- Northern Lights Award for Finance Company of the Year (2017)
- Wardhadaway Lawfirm Award for one of the 50th Fastest Growing Companies (2017)
What are the Customer Reviews like for Together Money?
- On Trustpilot, Together Money has an average rating of 4.3 out of 5 based on 992 reviews. 71% are 5-star, 8% are 4-star, 2% are 3-star, 2% are 2-star, and 17% are 1-star. They have responded to 93% of negative reviews.
- On Feefo, Together Money has an average rating of 4.3 out of 5 based on 182 reviews. The majority are 5-star reviews praising their professionalism, speed, and customer service.
- On Smart Money People, Together Money has an average rating of 1.57 out of 5 based on 7 reviews. 86% are 1-star reviews complaining about poor service, hidden fees, and difficulties getting issues resolved.
The Trustpilot and Feefo reviews are overwhelmingly positive, while the Smart Money People reviews are very negative. This suggests Together Money closely monitors and responds to reviews on Trustpilot and Feefo, while reviews on Smart Money People may not receive the same attention.
Key positives mentioned are good customer service, quick loan processing times and helpful staff.
Key negatives are hidden fees, poor communication and difficulty resolving issues.
Is Together Money FCA Regulated?
Yes, Together is regulated by the Financial Conduct Authority (FCA), which is the regulatory body for financial services firms and financial markets in the UK.
The company operates under different trading names, each serving a distinct segment of the market and offering specific types of financial products.
- Together Personal Finance Limited: This entity is authorised and regulated by the FCA. It offers regulated products such as personal mortgages, secured loans, Consumer Buy to Let mortgages, and regulated bridging loans. The regulation by FCA ensures that these products meet certain standards and that consumers are treated fairly.
- Together Commercial Finance Limited: This entity provides unregulated financial products. These include unregulated bridging loans, Buy-to-let mortgages, auction finance, and development finance. The term ‘unregulated’ here does not mean that there is no oversight or rules applied to these products. Instead, it means the FCA does not oversee these products and do not fall under the same protections offered by the FCA. However, it’s important to note that the company still has to operate within the law and treat customers fairly.
While both regulated and unregulated products have their purposes, it’s crucial for consumers to understand the differences, especially in terms of the protections available to them. For instance, consumers with regulated products have more avenues for complaints and compensation through organisations such as the Financial Ombudsman Service and the Financial Services Compensation Scheme. These protections may not be available for unregulated products.
Together Money Bridging Loans
Together are now amongst the top bridging loan lenders in the UK.
Bridging Loans Offering:
- Short-term finance for various needs, including cash flow solutions, bridging property purchase gaps, or quick project turnarounds.
- The typical term for a Together bridging loan is 12 months.
- Interest is charged monthly, which can be paid each month or rolled into a lump sum.
- Any associated loan fees can be added to the lump sum.
- Individuals, business owners, property developers, investors, landlords, and those embarking on new endeavours.
- The company values the person behind the application, focusing on their ambitions and individual circumstances.
- Rather than a computer, an underwriter always makes the final loan decision.
- Quick decision-making by the team.
- A broad spectrum of borrowing products.
- Ability to manage non-typical properties and incomes.
- Acceptance of imperfect credit.
Together Money Reports Impressive Growth in 2023
Together, has recently made headlines with its impressive annual lending figures, indicating robust performance in an uncertain economic landscape.
Together disclosed annual lending of £1.4 billion via its intermediary sales team. This is noteworthy as the company saw completions surpassing the £1 billion mark consecutively for two years. Their loan book now sits at a commendable £6.2 billion, having completed 7,857 transactions in the year leading up to 30th June.
Tanya Elmaz, the Director of Intermediary Sales at Together, attributes the company’s success to close collaborations with brokers, solicitors, and valuers and a relentless commitment to delivering top-notch service. The growing demand for specialised lending solutions, covering both commercial and personal finance, also played a part.
Plans for the future are ambitious. Together are poised to identify and capitalise on more growth opportunities, expanding their broker panel and introducing new products. One such product in the pipeline is the regulated second charge bridge product, aimed at offering more flexible short-term finance solutions.
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Together Money FAQ
How does a Together Money bridging loan work?
Together Money’s bridging loans are typically short-term loans lasting for an agreed term, usually around 12 months. They provide the loan amount you need, which you must pay back as a lump sum before or when the term ends. Interest is charged monthly and can either be paid each month or be rolled up and added to the lump sum. Any fees associated with the loan can also be added to the lump sum.
Who are Together Money bridging loans for?
Together Money loans are accessible to business owners, property developers, investors, landlords, and people trying new ventures. They have a unique approach where they look at the person behind the application rather than just the credit score or payslip, ensuring a human makes the final decision on the loan application.
How much can I borrow and what deposit will I need?
The amount you can borrow and the deposit required will depend on your personal circumstances and the purpose of the bridging loan. Together Money can lend up to 70% of your property’s value, but the loan-to-value ratio might be reduced based on the nature of the property.
Can retired or self-employed individuals apply for Together Money bridging loans?
Yes, there’s no maximum age limit for bridging loans, and a wide range of income sources, including pensions, are considered for assessing loan affordability. Self-employed individuals with just 12 months trading history are also eligible for the same rates as individuals with regular income.
How are interest rates determined for Together Money bridging loans?
The interest rate are influenced by several factors, including the purpose of the loan, the type and value of the property securing the loan, the total amount and percentage of your property’s value you need to borrow, other loans secured against the property, and your credit history.
How quickly can a Together Money bridging loan be arranged?
Together Money boasts decades of experience in quickly processing bridging loans, making them a faster option than typical fixed-term loans or mortgages, especially if you need cash while waiting for longer-term borrowing to be arranged.