The new BTL rates will be available to individuals, portfolio landlords, sole traders, partnerships, limited companies and LLPs for standard construction properties, including HMOs, ex-council flats and maisonettes up to six storeys, and are for loan sizes of between £50,000 and £2million. Its lower-rate CBTL product is available for loans of between £50,000 and £250,000.
Marc Goldberg, Together's commercial finance CEO, 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 an even more competitive offering from Together, meaning we can provide more landlords and investors with the finance they’re looking for.”
In addition to the new BTL rates, the lender also revealed that it has brought back its lowest rate of 3.59% for its two-year fixed Prime Plus mortgage product for capital repayment, and 4.09% for interest-only as it returns to pre-Covid lending volumes.
Together’s five-year fixed Prime Plus mortgage, which had initially been a limited edition product, is now available to the whole of the market on a permanent basis, following feedback about its popularity from brokers and customers. The headline rates for the five-year fixed are 4.99% for capital repayment and 5.49% for interest only.
Pete Ball, personal finance CEO at Together, said: “We’re delighted to be able to re-launch our lowest ever residential mortgages in response to 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.”
