Together launches its new limited edition 3.59% Prime Plus mortgage

Specialist lender Together has launched its lowest ever residential mortgage rate to help more borrowers who are finding it difficult to get a home loan from mainstream lenders.

The rate for the new two-year fixed Prime Plus product is 3.59% for first charge mortgages up to 75% loan-to-value, for purchases and will today (July 6) be made available to thousands of customers through Together’s broker distribution and direct sales channels.

The same rate will apply to borrowers wanting to remortgage their properties at up to 70% loan-to-value.

Interest-only and capital repayment options are available and they come with a fixed £1,495 non-refundable arrangement fee, early repayment charges of between 2% and 3% of the balance outstanding and a 5% overpayment allowance.

The limited edition mortgages are available for amounts of between £25,000 and £1 million (loans of between £500,000 and £1million at less than 60% loan-to-value) for standard and “non-standard” properties, which could include apartments on the sixth floor or above, for example.

Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people and those on benefits, as well as those in full-time employment may also fit Together’s criteria for its Prime Plus product subject to an affordability assessment.

Together will consider applications from customers with County Court Judgments (CCJs) which have been settled for at least two years, as eligible for the new rate, as well as borrowers who have missed one first or second charge mortgage payment from more than one year ago. The new product comes with a free standard valuation and lender legals.

Richard Tugwell, pictured, group intermediary director at Together, said:

“We’ve launched our lowest ever residential mortgage rates in response to what we believe is a strong market demand from would-be customers who have had some adverse credit in the past.

“For example, they may want to purchase a new home or remortgage their current property but may not be able to because they have historical defaults or CCJs – which may mean mainstream lenders will not even consider their application.

“Customers could also be buying a home of non-standard construction, such as one made predominantly of steel or glass, or an ex-council flat, all of which could make it difficult for them to get finance from high street banks or building societies.

“This product range, with a competitive rate of 3.59% will mean they could get an affordable mortgage, even if they don’t fit the strict criteria of the mainstream – to help them realise their home-owning aspirations.”

The new products have been released to brokers working with Together’s trusted brokers, network and club partners, specialist distributers and intermediaries, professionals, and introducers, who can access the new rate through Together’s online portal, My Broker Venue (MBV).

In the past year, the specialist lender has widened its distribution by partnering with networks including Tenet, The Home Loan Partnership, Intrinsic, Personal Touch and The Right Mortgage, as well as mortgage clubs Paradigm and SimplyBiz.