Together has launched a new, lower-rate proposition for portfolio landlords with two or more properties who are seeking finance of more than £1 million.
The new range features lower rates than standard buy-to-let products, starting at 4.69% for a first charge two-year fixed rate.
The proposition also features standardised single monthly payments across the overall portfolio via one direct debit, one affordability assessment and one maturity date, and one personal guarantee.
The newly launched proposition for loans over £1 million is available for both first and second charge buy-to-let products with automated valuation models (AVMs) offered on all fully residential property.
The proposition enables brokers to offer structured funding solutions to clients including non-standard or mixed asset types, regardless of maximum portfolio size.
Second charge rates are available for portfolio landlords at 25bps above first charge, with lender arrangement fees on a sliding scale to allow for extra flexibility in terms of monthly repayments.
Together says it has seen growing demand for larger loans of £1m+ as landlords navigate an environment of rising rates and tax hikes.
Russell Anderson, chief strategy director at Together, said: “We know from the feedback that we’ve had from brokers that landlords are proactively seeking innovative ways to maximise future opportunities, moving away from individual property loans and turning to lenders who can restructure debt at a portfolio level.
“The move is a clear signal to lenders that those able to help with complex financial solutions will be best placed to offer the added levels of support that landlords seek from their finance partner. We’re pleased to launch our new portfolio proposition at a lower rate than our standard BTL products across first and second charges to allow landlords to release equity across their assets to grow their portfolios.”
