Property in: LONDON

Together's residential and buy-to-let mortgage rates drop

In order to back up more borrowers, an award-winning specialist mortgage and secured loan provider Together has reintroduced its residential and BTL mortgage rates as the stamp duty tax rates are experiencing a staggered return.

Returning to its pre-pandemic lending volumes, Together has returned its lowest 3.59% rate for its 2-year fixed Prime Plus mortgage product for capital repayment and 4.09% for interest only.

Being a limited edition product originally, the company's 5-year fixed Prime Plus mortgage is now permanently available to the entire market, coming after its positive feedback from brokers and clients. The 5-year fixed headline rates are 4.99% for capital repayment with 5.49% for interest only.

Moreover, a record-low 4.99% rate has been introduced by the specialist lender Together on its standard BTL and consumer buy-to-let (CBTL) first charge products, and 5.99% across BTL and CBTL second charge products.

As the stamp duty nil-rate band returns to the pre-covid level of £125k from October 1 and the demand for new homes is still high, Together has introduced these record-low rates to back up more borrowers.

Together's personal finance Chief Executive Officer Pete Ball said, «We’re delighted to be able to re-launch our lowest ever residential mortgages in response to a strong market demand from potential borrowers who may not be able to access loans through mainstream channels.

«The residential property market has performed incredibly well during the Covid-19 crisis, boosted by the Government support through stamp duty tax breaks. However, as this help starts to taper out, there will be many borrowers who are in the market for more competitive mortgage products to meet their individual circumstances – and to help them realise their home-owning ambitions.»

The mortgages are for amounts of between £50k and £500k at up to 75% LTV. The mortgages are for amounts up to £1m at up to 60% LTV. Both standard and non-standard properties are eligible.

Provided positive evaluation of affordability, Together's reintroduced products are available for full-time employed clients, as well as for freelancers and contractors, workers on zero-hour contracts, self-employed clients, retired people, and benefits claimants.

Applications from clients with CCJs settled for at least two years along with borrowers who have missed 1 first or second charge mortgage payment from more than 1 year ago will be considered by the specialist lender as eligible for the lower Prime Plus rates.

Individuals, portfolio landlords, sole traders, partnerships, limited companies, and Limited Liability Partnerships for standard construction properties, including HMOs, ex-council flats and maisonettes up to six storeys will be able to get Together's record-low buy-to-let rate.

The company's lowest ever BTL rate will be available for loans of between £50k and £2m with the lowered consumer BTL rate available for loans from £50k to £250k.

Together's commercial finance Chief Executive Officer Marc Goldberg said, «We have reduced the rates for our standard BTL range on the back of an extremely positive reaction from the market and invaluable feedback from our intermediary partners. We see BTL as a key driver as we grow our lending back to pre-pandemic levels. These recent changes will provide and even more competitive offering from Together, meaning we can provide more landlords and investors with the finance they’re looking for.»

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