Together has reduced rates on its first and second charge discounted rate mortgage products by 25 basis points.
The tracker rate offers a discount on Together Managed Rate, plus product margin, for a period of two years, and has a lower interest rate than the group’s variable rate products.
The discounted rate is available on first charge mortgages, including home loans for first-time buyers, shared ownership and right to buy; and second charge mortgages, including loans for debt consolidation and for carrying out home improvements.
Rates for Together’s discounted products have been reduced from 8.55% to 8.30% on first charge and from 9.24% to 8.99% on second charge, both up to 65% LTV and with a £1,495 fee.
In addition, Together has increased the maximum loan sizes available before referral on its second charge mortgages and second charge consumer buy-to-let range for “accidental” landlords.
For second charge mortgages, maximum loan sizes have been increased from £100,000 to £250,000 up to 75% LTV, from £250,000 to £500,000 up to 65% LTV, and from £500,000 to £750,000 up to 60% LTV.
Maximum loan sizes for second charge consumer buy-to-let mortgages will increase from £250,000 to £500,000 up to 65% LTV and from £500,000 to £750,000 at 60% LTV.
Last month, the lender increased maximum loan sizes on its commercial term, buy-to-let mortgages, and home owner business loans.
Tanya Elmaz, director of intermediary sales at Together, said: “We are consistently improving our products in response to market demand and feedback from our valued broker partners.
“Our discounted rate product has proved popular for borrowers who don’t currently want to fix their mortgage rate due to uncertainty surrounding future interest rates, don’t expect to repay the loan in full during the two-year period, and want a mortgage where the rate can reduce over the term.
“Together’s consumer buy-to-let mortgages are for ‘accidental landlords’, and we will consider applications from UK-based and expat clients, with affordability calculations based on their rental income, and for properties such as houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
“We’re delighted to be able to offer these ranges at lower rates; the latest in a series of product innovations over the last few months, and this will provide even more choice of Together’s award-winning products for brokers and their clients.”
