Together reduces rates across personal and commercial products
Property lender Together has today (16 August 2024) announced reductions across its commercial and personal product ranges.
The Cheadle-based finance company will be reducing its regulated first charge loans to start from 8.10% for two year fixed rates, 7.74% for five year fixed, and variable rates from 9.85%
For its regulated second charge, the two year fixed will start from 8.40% and five year from 8.05%. Variable rates will start at 10.35%.
On buy-to-let, Together’s first charge loans will now start from 8.49% for two year fixed, and variable rates from 9.24%. Second charge two-year will be 9.49% for the two year fixed and 9.99% for variable.
Marc Goldberg, CEO sales and distribution at Together said: “As the market continues to stabilise, we are delighted to have been able to reduce our rates across a number of our products. Our intermediary partners and customers are key to everything we do at Together, so our priority is supporting them however we can.
“Relationships with our customers is at the heart of our ethos, and we are keen to show that we maintain a healthy appetite for lending, despite the economic turbulence of recent years.
“The new rates will give our customers access to opportunity across the market, with many economists expecting a steady downward rate environment over the next few months.
“The Bank of England’s welcome decision to cut interest rates after a 16 year high has had a positive impact and boosted competitiveness across the market; we are seeing a lot more across the sector.
“It certainly seems things are improving after the challenging period, and the specialist market in particular appears to be growing faster than the core mortgage market.”
The lender, which has a loan book of over £7bn, also recently implemented a number of other changes across its product range.
It now allows cross-charging against an existing buy-to-let security for regulated bridges, in line with customer needs. Additionally, Together increased its refurbishment window on bridging loans from four weeks to eight, giving customers extra time to complete renovation projects before the property is marketed.
Additionally, it increased its maximum loan size across second charge loans, first and second charge CBTL (consumer buy-to-let) loans and first charge regulated bridging loans.
Mr Goldberg said: “We remain committed to providing our customers and partners with the solutions they need to achieve their property ambitions, and working towards our goal of becoming the UK’s most trusted lender.”
