Together reduces rates of personal finance products

It also implements changes to its second charge product set

Together reduces rates of personal finance products

Specialist property lender Together has announced rate reductions across its range of personal finance products, including first charge, second charge, and consumer buy-to-let loans.

The Cheadle-based company, which manages a loan book worth £6.8 billion, has lowered its first charge rates by up to 130 basis points (bps). New rates include a five-year fixed rate starting at 7.99% and a two-year fixed rate at 8.2%. Variable rates for first charge mortgages are now from 10.05%.

Reductions were also made in second charge mortgages, with cuts of up to 170bps. Here, five-year fixed rates begin at 8.3%, two-year fixed rates at 8.5%, and variable rates start from 10.45%.

CBTL loans have seen significant reductions, with up to 205bps cut on first charge fixed deals. These now start at 6.95% for a five-year term and 7.10% for two years. Rates for second charge five-year fixed deals begin at 7.5%, and two-year fixed at 7.65%, with variable rates for first charge starting at 9.05% and second charge from 9.4%.

“We’re pleased to be able to provide even more support through rate reductions across many of our personal finance products,” said Tanya Elmaz (pictured), director of intermediary sales at Together. “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.”

Read more: Together names new personal finance CEO

In addition to rate reductions, Together is also making changes to its second charge range. Loan sizes from £30,000 to £50,000 will now qualify for the lender’s lowest rates and will be available for customers who have had credit blips in the past.

The specialist lender will be retaining its ‘smaller loan’ range for loans between £20,000 to £30,000. These will start from 9.35% for a five-year fixed and 10.15% for a two-year fixed. It has also raised the maximum LTV for these smaller loans to 75%. 

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

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