Together cuts interest rates

By Bridging Loan Directory 19th January 2024

Specialist lender Together has today lowered rates across its personal and commercial finance product ranges in response to market volatility beginning to ease.

The financial services group will be able to support more broker clients after reducing its rates by between 20 and 75 basis points (bps) on many of its long and short-term products, both regulated and unregulated.

First charge mortgage rates now start from 8.40% for a five-year fixed, from 8.85% – a cut of 45bps – on its Prime Plus range for clients without any demerits.

The lender has also reduced rates on its Buy-to-Let (BTL) products on both first and second charge.

For example rates for Together’s five-year fixed have been lowered 40bps to 7.59% and its second charge five-year fixed BTL products now start at 8.59%

The decision to reduce rates comes as swap rates have begun to edge down, providing greater stability in borrowing markets.

Marc Goldberg, CEO of Sales and Distribution at Together, said:

“We’re pleased to be able to provide even more support through rate reductions across many of our personal and commercial finance product ranges.

We are responding to improving conditions in lending markets after a great deal of turmoil over the last few years and are glad to be able to pass on reductions in our own cost of borrowing to our valued partners and their clients.

As always, we continue to apply our common sense through our flexible criteria. However, these new reduced rates could open the door to more customers, allowing them to achieve their property ambitions.”

Phil Gray, Managing Director of Watts Commercial Finance, one of Together’s Gold partners, welcomed the move.

He said: “It’s great to see another round of rate reductions at Together.

It shows their strong appetite to lend, to get the best possible outcomes for our clients, so it’s fantastic news for the consumer and the wider market.”