Together has launched new lower-rate second charge loans for borrowers with cleaner credit profiles.

With rates starting at 5.34%, at 70% loan to value, the new secured product is for loans of between £25,000 and £1 million, to a maximum LTV of 77.5%.

It is available to the lender’s specialist distributer partners.

Together’s second charge mortgage product can be used for standard and ‘non-standard’ properties, which could include apartments on the sixth floor or above or conversions, for example.

Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people, and those on benefits, as well as those in full-time employment, may also fit the lender’s criteria, subject to an affordability assessment.

Borrowers with no CCJs or secured loans arrears in the past 12 months (one in the past 36 months) will be able to access the new product. It is available to clients who have missed a maximum of two unsecured loan payments in 24 months and none in the past six months.

Richard Tugwell (pictured), group intermediary relationship director at Together, said: “The second charge market has evolved over the past few years to bring it more in line with first charge mortgages, and making secured loan products attractive to borrowers.

“We are finding that people with good credit histories are looking for second charge loans and we’re delighted to launch this new, limited edition product in response to their needs.”