Together cuts rates across personal finance products

By Bridging Loan Directory 19th April 2024

Property lender Together has today reduced rates across its personal finance product range as the mortgage market continues to stablise.

This includes rate reductions across first charge, second charge, and consumer buy-to-let (CBTL) products.

The Cheadle-based company, which has a loan book of £6.8billion, has reduced its first charge rates by up to 130bps, with first charge mortgages now starting from 7.99% for a five-year fixed rate, and 8.2% for a two-year fixed.

First charge variable rates will be available from 10.05%

On its second charge range, rates have reduced by up to 170bps, with five-year fixed rates starting from 8.3%, two-year from 8.5%, and variable from 10.45%.

Consumer Buy To Let (CBTL) loans will also see a reduction. New rates for first charge fixed deals have reduced by up to 205bps, and will start at 6.95% for a five-year fixed and start at 7.10% for two-year fixed; whilst for second charge five-year fixed will be from 7.5% and two-year fixed will be from 7.65%.

For variable rates, first charge will start at 9.05% and second charge from 9.4%.

Tanya Elmaz, Director of Intermediary Sales at Together, said:

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

At Together, we are keen to show that we maintain a healthy appetite for lending despite the economic turbulence the market has experienced over the past couple of years.

Our reduction of rates demonstrates this commitment.”

In addition to rate reductions, Together is also making further changes to its Second Charge product set. Loan sizes from £30k – £50k will now qualify for Together’s lowest rates and will be available for customers who have had credit blips in the past.

Together will be retaining its ‘smaller loan’ range for loans between £20k – £30k.

These will start from 9.35% for a five-year fixed and 10.15% for a two-year fixed. Together has raised the maximum LTV for these smaller loans to 75%.

Tanya said:

“We’ve listened to feedback from our intermediary partners and made changes in line with what they need.

Common-sense lending is at the heart of our ethos at Together, and our customers and partners are key to every decision we make.

We’ve been opening doors for our customers for 50 years now, and remain dedicated to helping them achieve their property ambitions.

Our goal is to become the UK’s most valued lender, and we will continue to make decisions based on our customer’s needs.”