Together and Positive Lending join forces to provide £500k second charge

Together Positive Case Study

Together and Positive Lending funded a £500,000 second charge mortgage for a self-employed client to buy a neighbour’s plot of land.

The customer, a self-employed company director, had changed his business from a Limited Liability Partnership (LLP) to a Limited Company following advice from his accountant.

He wanted to buy the land, which backs onto his own property, from his neighbours, who were moving home, to prevent it being snapped up by developers.

But, the change in the customer’s company’s status, coupled with the loan purpose, meant the finance he wanted was unavailable from high street lenders.

After being approached with the complex case, Positive turned to Together, and the specialist lender agreed the £500,000, interest-only second charge loan at just over 50% LTV. The borrower plans to repay the loan by downsizing in the future.

James Briggs, Together’s Personal Finance Head of Intermediary Sales, said: “Over the past six months, we’ve seen a number of cases where clients have wanted to buy plots of land next to their homes to stave off unwanted future developments, as was the case here.

“However, because of the complexities of this case, including the fact he’d recently changed from an LLP to a Limited Company and the relatively large loan size, it was proving difficult to raise the finance. Our specialist underwriters worked with Positive to come up with an innovative solution and were able to provide an offer quickly to meet his neighbours’ deadline.”

Paul McGonigle, CEO at Positive Lending, said: “Many other lenders would have been deterred from providing a half a million pound second charge loan because of the recent change in the client’s employment status.

“We were able to look at all aspects of the case, and all parties – us as a second charge mortgage specialist, the respective valuer and Together – worked in partnership to provide the client with the best possible outcome.”


More about Together

Together has been delivering specialist secured lending for nearly 50 years, using its wealth of expertise and industry knowledge to consider individual circumstances to find a way to help its customers. All applications are considered on their merits and the product range includes residential mortgages, short-term finance, buy-to-let, commercial and semi-commercial mortgages and loans, auction finance and development funding throughout mainland UK.

Based in Cheadle, Cheshire, the company employs more than 750 colleagues and has a loan book of £6billion. For more information go to